Unit 9 Final Project. Different methods of bookkeeping. Essay Example for Free

Unit 9 Final Project. Different methods of bookkeeping. EssayThere are several different methods of bookkeeping. There are item-by-item entry, double entry, and online bookkeeping. Single entry bookkeeping is simple and not to complicated because everything is entered into a single column. Its more or less identical your checkbook register. This type of frame is best for small businesses, and you can add more columns if needed. Disadvantages of this system is that financial information cant be included into the spreadsheet. Mistakes and errors can be only identified threw banking concern statement reconciliation. Double entry bookkeeping serves for large businesses that have lots of assets, several transactions and international suppliers of capital. Two entries are made for each transaction. Debit account and credit account. It testament have the date, account, calculate and credit.For each debit entry and be and opposite and credit entry is duly entered. The sum of de bits should equal the sum of all credits. Mistakes can be easily noticed. There are no disadvantages to this system. Online bookkeeping gives the customer an option to store their business documents, source documents and data in a web based application. This is through with(p) so that the offshore providers bookkeepers can remotely find these documents and update the accounts as needed. The advantages of this system is you can access you accounts anywhere. They have high standards of security. With 50% of cost savings compared to your present bookkeeper. Saves time and effort. All of these systems are hot but I think the best one would probably be the online bookkeeping. You can access it no matter where you go and you can access it 24/7 not just doing business hours. It will save you time, money and paper. You will be able to be in control of your accounts. Who wouldnt like that?Referencehttp//financial-outsourcing.blogspot.com/2008/08/different-types-of-bookkeeping-systems.htm l