20 Feb Bookkeeping Record Management Services
Every firm in Bangladesh must maintain a proper Bookkeeping Record management system of all commercial transactions. In Bangladesh, preserving business records is crucial since it allows you to quickly ensure your company’s valuable revenues.
It’s not just good business to keep detailed bookkeeping record management history of revenues, expenses, personnel, tax paperwork, and accounts. It can provide you with peace of mind, assist you in tracking your progress toward your objectives, and save your energy/ cost.
In Bangladesh, we offer a bookkeeping record management service. Business records should be kept for at least 7 year after the transaction. Failing to keep correct records is a crime, and this includes failing to keep adequate corporate documents.
The Purposes Of Bookkeeping Record Management
1. Proper bookkeeping provides a trustworthy measure of a company’s performance. It also serves as a guide for making ridiculous decisions and a reference for the company’s revenue and profit targets. In essence, once a company is up and operating, it is necessary to devote more time and resources to preserving accurate records.
2. Bookkeeping entails confirming receipts, depositing payment into a bank account, and maintaining accurate records so that all financial data is readily available when needed. Because proper financial records are critical to a company’s long-term viability, bookkeeping is crucial.
2 Types Of Bookkeeping Management System
1.Paper Record Management Systems:
Traditional paper record management systems, as the name implies, involve the management and preservation of hard-copy documents. Bookkeeping records are most typically utilized by firms that deal in legal assistance or healthcare, despite the fact that some small businesses may still prefer to employ paper record management systems.
2.Electronic Record Management Systems:
Although the broad notion of a record management system can be used for IT management techniques in all document formats, electronic record management systems are distinguished by their usage of digital file formats and what this involves for maintaining electronic records.
The Satisfaction Of Proper Record Management
1. Secure access to private information prevents information leakage:
Records management is a secure and safe method of storing your company’s sensitive data. Customer data, employee information, firm tax records, fingerprints, and other types of confidential information are all examples.
2. Arrange, monitor, and manage files efficiently:
They not only save your documents and information, but also help you organize and track them. The papers you still require access to will be saved using services like Active File Management so that you and your staff may access them.
3. Data entry and file retrieval that is consistent:
That allows you to upload newly updated data on a regular basis while keeping your papers safe and secure. Many record management businesses additionally utilize unique codes and labels to ensure that everything is accurate and easy to find.
4. Appropriate training and support for the proper execution of the records management:
Proper training is one of the most important aspects of data management. It doesn’t matter if you do have the finest system set up if you don’t know when to use it! A good record management business will also provide excellent training to their own employees, but they’ll also assist you.
5. Helps save money:
Saves money in the long run Dealing with a records management firm saves you money in the long run. You only spend for each package that you keep with Blue-Pencil. In addition, by monitoring your document lifecycle, we can assist you in successfully managing your storage space costs.
6. Gives You Extra Peace of Mind:
After you’ve finished and sorted your books, they won’t keep you awake at night. You may relax knowing that your company’s financial records are ready to be audited without having to worry about Revenue. Your mind will also be at peace, and you will be able to concentrate on other aspects of your company.
Problem Faced When Bookkeeping Management System Is Poor
1. Legal and Regulatory Noncompliance:
It’s critical that a company take responsibility for sticking to and staying up-to-date on business recordkeeping restrictions, whether it’s an electronic or paper records management system, because constantly emerging techniques for records management also bring updates and additions to information management legislation.
2. Security Risk:
Lacking a well-documented and followed security policy, there is a security risk.Using a record management system, the business becomes more vulnerable to security threats.. Every company or organization is unique. however there are methods that may be taken to mitigate this risk.
3. Workplace Inefficiencies:
While an in-house record management system’s ease of access may be advantageous for a small corporation, the larger a company and its document inventory grows, the more cluttered and disorganized the office and record management system becomes.
What To Look For Whiling Outsourcing Accounting Service
1. Seek assistance from SCORE:
SCORE mentors can assist you with all elements of bookkeeping and accounting for small businesses, as well as recommending experienced local accountants. What are you searching for if you don’t have a mentor?
2. Consult an expert:
Consult your accountant to see if you’re using an off-the-shelf accounting system or if modifying it would be beneficial. Your accountants should be prepared to not only provide advice, and also set up and demonstrate how to use the program.
3. Keep track of your finances on a frequent basis:
You’ll probably end up having missed payments, delayed invoices, or figures that don’t add up if you set off bookkeeping for too long. Examine your books on a weekly basis to ensure that everything is in order.
4. Pay special attention to your accounts receivable:
When consumers fail to pay on schedule, your company’s cash flow might quickly dry up. Keep track of when your liabilities are due and follow up with late-paying customers as soon as possible. Even if a client is experiencing financial difficulties, you should be able to work out a payment plan to obtain at least the money you’re owed.
5. Keep track of tax deadlines:
Make plans and put money aside for any expected tax payments to prevent being caught off guard. Pay on time to avoid paying late fees. The IRS website’s company tax calendar can synchronize in your own cloud-based calendar and you never miss deadlines; it can even email you reminders.
5 Benefits of Bookkeeping Record Management
Accurate Financial Reporting: Proper bookkeeping record management ensures that all financial transactions are accurately recorded and classified. This information is critical when generating financial reports, such as balance sheets, income statements, and cash flow statements.
Compliance with Tax Laws: Maintaining accurate records is essential for complying with tax laws. Bookkeeping record management ensures that all financial transactions are properly documented and recorded, making it easier to calculate taxes owed and prepare tax returns.
Better Cash Flow Management: Bookkeeping record management can help businesses and individuals manage their cash flow better. By keeping track of income and expenses, businesses and individuals can better understand their financial position and make more informed decisions about spending and saving.
Improved Decision Making: Accurate and up-to-date bookkeeping records can provide valuable insights into a business or individual’s financial performance. This information can help make more informed decisions about investments, expenses, and revenue-generating opportunities.
Better Business Planning: Bookkeeping record management can also help with business planning. By tracking financial performance, businesses can identify areas of growth and develop strategies to improve profitability.