Bookkeeping and Accounting share common goals, they each make up a different stage of the financial cycle.

Accounting is a much broader term than bookkeeping.

Bookkeeping refers mainly to the record-keeping aspects of accounting

How to define bookkeeping?

Bookkeeping is the process of recording daily transactions in a consistent way and is a key component to building a strong business foundation.

Bookkeeping is comprised of:

  • Recording financial transactions
  • Posting debits and credits
  • Producing invoices
  • Maintaining and balancing subsidiaries, general ledgers, and historical accounts
  • Completing payroll

How to define accounting?

Accounting is a high-level process that makes sense of information previously compiled, and produces financial models using that information. The process of accounting is more subjective than bookkeeping, which is largely transactional.

The process of accounting includes:

  • Preparing adjusting entries (recording expenses that have occurred but aren’t yet recorded in the bookkeeping process)
  • Preparing company financial statements
  • Analyzing costs of operations
  • Completing income tax returns
  • Aiding the business owner in understanding the impact of financial decisions

Today Bookkeeping and Changing Landscapes

It is interesting to note that since the advent of accounting and bookkeeping software, some components of the accounting process have been absorbed into the bookkeeping process. For instance, bookkeeping software is typically capable of building financial statements – blurring some of the traditional lines between the bookkeeping and accounting processes.

The distinction between accountant and bookkeeper keeps changing as accounting software and other software evolves, like XERO or MYOB.

For many years, companies used the title of accounting clerks for employees doing the tasks formerly performed by bookkeepers. The accounting clerks are usually supervised by an accountant.

Some business owners learn to manage their finances on their own, while others opt to hire a professional so that they can focus on the parts of their business that they really love, so was born the outsourcing service.

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50% Reduction on any MYOB Banklink subscription for one year

I am working alongside Accounts Online and SUM-It Ltd who are qualified Kiwi accountants.

If you take any MYOB Banklink subscription through my business Partners you will get 50% reduction for one year on your full subscription.

Sylvie will manage your accounts . Deal?

http://accountsonline.co.nz/software/banklink-overview/

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Contact Sylvie

FlexiTime is the perfect payroll

and workforce management solution for businesses with remote, casual and flexible employees, or growing small businesses looking for a low cost payroll solution that can expand with their company.
We are looking for forward thinking companies like yours.

Why Flexitime Payroll?

 24/7 access from any computer connected to the internet
 No software to install or maintain
 Free upgrades and automatic backups
 Free online Support Centre
 Integration with Xero and Workflow Max
 Pricing reflecting the size of your client’s payroll and the features they use
 Additional features including rosters, iPad photo time clock and client billing
 Optional employee access to update personal details and enter hours worked
 Use employee timesheet entries to generate pays
 Mobile time recording for employees at m.flexitime.co.nz
 Automatic holiday pay calculations
 Free Solo account for companies with one employee

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Register with Sylvie, she will deal with your Payroll.

Join SmartPayroll and enjoy the easiest Payroll software available

SmartPayroll payroll software is specifically designed to be affordable and easy to use for small to medium sized businesses.

Whether you are employing staff for the first time or a seasoned employer, you can relax knowing SmartPayroll will set everything up for you and have you hitting the payroll ground running.

Smart Payroll can file diectlly with the IRD and integrate with Xero .

No more worries about legal compliance or expensive IRD late penalties.

KiwiSaver calculations and deductions done automatically.

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Contact Sylvie she can manage your payroll, with this good payroll system.

PAYE Managed FREE for up to 10 Employees

Crystal Payroll recently changed they PAYE Service (previously know as our Agency Service) to extend the range of free provision of PAYE management from businesses with 1-5 employees to also include those with up to 10 employees.

So, if your business operates with 10 employees or less crystal will – at no extra charge – happily take over organising, filing and arranging payment of your monthly PAYE returns so that you’ll have more time on your hands. And, as a long-standing accredited PAYE intermediary who have built a strong relationship with the IRD over the years, you can be assured that you’ll never run the risk of being stung by IRD late fees again.

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Sylvie is a Crytal Payroll Partner, contact her, she can manage your payroll.