Bookkeeping and/or VAT

Business % Satisfaction % Recommend % of All Clients

This table shows the businesses providing Bookkeeping as a service and how their customers have rated them.

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, such as the single-entry bookkeeping system and the double-entry bookkeeping system, but, while they may be thought of as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process.

Bookkeeping is usually performed by a bookkeeper. A bookkeeper is the person who records the day-to-day financial transactions of a business. He or she is usually responsible for writing the daybooks, which contain records of purchases, sales, receipts, and payments. The bookkeeper is responsible for ensuring that all transactions are recorded in the correct daybook, supplier's ledger, customer ledger, and general ledger; an accountant can then create reports from the information concerning the financial transactions recorded by the bookkeeper.

There are no promoted testimonials for the service term with ID: 1953

A value-added tax (VAT) or general sales tax (GST) is a form of consumption tax. From the perspective of the customer, it is a tax added onto the purchase price. From the perspective of the seller, it is a tax on only the value added to a product, material or service, from an accounting viewpoint, at this stage of its manufacture or distribution. The manufacturer pays the government the difference between these two amounts and retains the rest for themselves to balance out the taxes previously paid on the inputs.

The value added to a product by or with a business is the sale price, minus the cost of manufacture such as materials and other taxable inputs. VAT is effectively a sales tax as only the end customer is taxed. It differs from actual sales tax however due to the sales tax being collected and remitted to the government only once, at the point of purchase by the end customer. With VAT, on the other hand, collections, remittances to the government, and credits for taxes that are already paid occur every time a business in the supply chain purchases the products.