Bookkeeping is the starting point of any accounting process. Accurate financial records serve as the foundation to an organised and properly evaluated business, helping the business run smoothly on an ongoing basis. While properly logging a business’s economic transactions can sound like a robotic process to some, there is certainly an aspect of both art and science to establish the fact that not all bookkeeping services are made equal.
Here at 3rd Arm Admin, our expert bookkeeping service team have the experience and expertise to prove that bookkeeping isn’t a task to be taken lightly. Let’s look at why bookkeeping is both science and art below.
Science, as defined by the international Science Council, is the “pursuit and application of knowledge and understanding of the natural and social world following a systematic methodology based on evidence.” Bookkeeping, as a part of the entire process, fits into this definition as it uses the basic principles of science to achieve an intended result. Bookkeeping follows a systematic and organised path to understanding the economic status of a business. It also comprises a number of rules, principles, concepts, and conventions that are characteristic of other scientific pursuits.
Bookkeeping involves the proper use of recording, measuring, and research to gain knowledge about how the business is currently fairing, and to evaluate its financial performance. When all revenues, expenses, and overall profits are accurately recorded, business planning becomes easier as you can rely on your data as evidence to make informed business decisions.
Art is the expression and application of creative skill and imagination. While people normally attribute this to visual art such as making sculptures or painting, there is as much art in accurately recording business transactions as well as in painting a masterpiece.
Bookkeeping requires a certain amount of creative judgement and skill in order to accomplish it to an excellent standard. Designing an efficient bookkeeping system that makes tax-return time a breeze and lowers end-of-year accounting fees when filing these returns is an art in itself.
If bookkeeping was entirely a science, every service would provide the same value. However, the truth is that mastering the art of bookkeeping requires gaining and practicing a wide number of skills to keep your books in beautiful order. Due to the wide range of industries in the financial world, the real art is in applying these skills and creating a customised bookkeeping service solution to match every business’s needs.
As bookkeeping experts, keeping your accounts in order is something we like to do – and something we’re great at. The 3rd Arm Admin team can guarantee that your books will be accurate and well-organised so we can lighten your load and give you back precious time for growing your business.