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Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a Bookkeeper, who recorded the day-to-day financial transactions.
Many times the terms accounting and Bookkeeping get confused. Accounting is the process of summarizing, analyzing and reporting financial transactions pertaining to a business. Accounting allows a company to analyze the financial performance of the business.
Anyone can say they do bookkeeping. They may read a book, take a class or two, or they may use an accounting program and therefore say they are a bookkeeper. Just being able to use the software and using it properly are two different things.
Certified Public Bookkeepers or CPBs are distinguished from other bookkeepers providing bookkeeping services to the public by stringent licensing requirements. CPBs have extensive bookkeeping knowledge, skills, experience, and ethics. In order to qualify for the CPB license, CPBs must possess bookkeeping education, pass a rigorous national certification exam, meet experience requirements, conform to a professional code of conduct, and obtain a minimum of 24 hours of continuing professional education annually.
The 3 part Uniform CPB Exam covers topics not only in Bookkeeping, but also payroll and Taxes such as:
Getting an education in accounting teaches you the rules and laws of accounting (debits and credits); where to go to research for answers and how and where transactions will appear on which financial statements and how they affect the firms finances once they are posted. Also accounting theory teaches you why things are done either a certain way or in a certain order.
"Here is a great question that was posted in the LinkedIn Group 'American Institute of Professional Bookkeepers' on 11/09/12, which demonstrates the importance of making sure that you hire a professional bookkeeper."
Certified QuickBooks ProAdvisors are independent CPA’s, accountants, bookkeepers, computer consultants and trainers who work with small businesses and who have completed a rigorous and comprehensive QuickBooks curriculum developed by Intuit®. They understand the challenges you face and can offer guidance on everything from complex accounting questions and payroll interpretation to mastering advanced features of QuickBooks. ProAdvisors have taken a 3-part QuickBooks Certification course and have successfully completed comprehensive testing.
Xero Certified Advisors have completed comprehensive Xero curriculum developed by Xero® in all aspects of the software including conversion and set up and have taken a 2-part Xero® certification course and have successfully completed comprehensive testing. A Xero Certified Bronze Partner has the same training as a Xero Certified Advisor however they have shown Xero that they have not only passed the certification, but they know how to use the software and have at least 25 active clients using Xero that they work with.
A RTRP is a certification through the IRS that requires all paid tax return preparers to register with the IRS each year and pass a one-time competency test which is a 2½ hour test that must be taken at a Prometric test center. Additionally, they must complete 15 hours of continuing education each year, and must pass a tax compliance check, and a suitability check.
There are two options that you can choose from when it comes to paying your bills: