Running a business in Israel is not easy, it is known to everyone. Business owners in Israel face many unbearable difficulties and not only in their professional activities. There are also many challenges to consider in accounting and finance. If it is a self-employed person who works from home and other small businesses, the financial planning of a business may be fairly straightforward and can be studied with some effort. However, as the business expands and develops, its financial management may become a complex matter that requires considerable knowledge and experience and is therefore essential and even necessary in such a case to hire a professional team to properly conduct the bookkeeping of the business. In any weighty financial decision-making and ongoing business management, it is important to have an accountant with extensive professional experience to accompany you faithfully.
What do bookkeeping services include?
Bookkeeping in one sentence is a proper registration process for all business paperwork as prescribed by law. This paper includes everything related to the business conduct of the business:
- Printouts of bank account management.
- Credit card details and checkbooks.
- Receipts, invoices and expense reports.
- All relevant paperwork on business income.
Beyond the fact that this conduct is required by law and will help us maintain legal activity, it will ultimately benefit us. The consolidation of reports allows us to take a financial look at our business and see exactly what the main expenses are and how to optimize them, are the revenues greater than the expenses – that is, does our business makes a profit? Are there periods in which the business makes more? If so, why? What products bring in more and how can they be promoted? These issues and many others become clearer and more transparent as all the economic data comes before us.
What types of bookkeeping are there?
There are two main ways to manage ongoing business revenue and expense tracking. Any business may choose its preferred form of tracking and tailored to its needs.
Single-Entry Accounting
This method is suitable for businesses with limited activity and small profits and very simple to manage. Single-Entry bookkeeping only monitors and records the incoming and outgoing finances and therefore updates the business owner only on profits and losses in the business.
Double-Entry Accounting
This method is more suitable for large companies and organizations. This method, which is much more than Single-Entry, also records customer debt balances, future business charges, cash flows, business-owned assets and many other data. These provide us with a broader and more complex picture of the economic conduct of the business.
The accounting firm of Guy Dovrat provides accounting services for all types of businesses
Upon contacting us, we will review the conduct of the business and consider together which method is best to conduct accounting tracking in your business. It is important for us to provide you with attentive service tailored to your needs. The vast experience and professional knowledge of CPA Guy Dovrat in the field of accounting over the years is a valuable asset to your business. We will be happy to serve you.
