What are basic bookkeeping services?

Basic bookkeeping services focus on the day-to-day recording and organization of a business's financial transactions. Bookkeeping Services in Cleveland. This process creates the accurate, fundamental financial records that are necessary for everything else, like generating reports and filing taxes.

Think of it as the financial "data entry" and "filing" for a business.

🔑 Core Basic Bookkeeping Tasks

The following tasks form the foundation of most basic bookkeeping packages:

Transaction Recording & Categorization:

This is the primary job: meticulously logging every financial event (sales, bills, expense receipts, etc.) into the accounting software.

The bookkeeper then assigns each transaction to the correct account (e.g., classifying a store purchase as "Office Supplies" or a customer payment as "Service Revenue") to keep the ledger organized.

Bank & Credit Card Reconciliation:

This critical process involves matching the internal records in the company's books (the general ledger) to the corresponding bank or credit card statements.

It ensures that all money going in and out has been correctly recorded and helps catch errors, missing transactions, or potential fraud.

Accounts Payable (A/P) Management:

Tracking and managing all the money the business owes to its vendors and suppliers.

This service includes entering bills, ensuring they are paid on time, and managing vendor records.

Accounts Receivable (A/R) Management:

Tracking and managing all the money customers owe to the business from sales or services rendered.

This often includes creating and sending invoices, recording customer payments, and sometimes following up on past-due invoices.

Preparation of Basic Financial Reports:

At the end of the month or quarter, the bookkeeper finalizes the records to produce the essential financial statements. These typically include the:

Income Statement (or Profit & Loss Statement): Shows revenue and expenses over a period.

Balance Sheet: A snapshot of the company's assets, liabilities, and equity at a specific point in time.
A bookkeeper prepares the financial foundation; an accountant provides the expert analysis and strategic guidance based on that foundation.