Author: William Johnson

Bookkeeping 2 Oct

The Duties & Responsibilities of Bookkeepers

Bookkeepers are an important part of the business. By providing the basics for multiple accounting services, these employees lay the foundation for a specific tax record and business data. They also provide key information that allows companies to understand the cause and effects of their actions.

Bookkeepers are also known as accounting clerks, accounting technicians, and auditors. A Bookkeeper has the following duties and responsibilities:

Record the Daybook

The daybooks, consisting of payments, receipts, purchases, and sales, are recorded by the bookkeeper in the general ledger. The function of this record is to support the company in the fields of accounting and records that can be provided at a later date. These daybooks should be recorded in the correct fields, respectively: Supplier Ledger, Customer Ledger, and General Ledger.

Organization

As mentioned above, the maintenance of organized and systematic records is essential in the world of accounting and other accounting services. Since these records can be very detailed and numerous, quality organization and categorization are essential. Being able to recover one of the many data that has been recorded over a long period of time is a necessary part of any business.

Some information can be called upon for audits and to retrieve data that helps them verify important details before making very important decisions. These decisions cover inventory decisions, business purchases, and wage decisions. These decisions will eventually affect the financial condition of the business, its long-term stability and the well-being of employees, managers, and owners.

Responsibility and Ethics

Due to the high stakes involved and detailed above, bookkeepers must operate with a sense of integrity that allows them to step on their ego and repair any errors as soon as possible. By taking responsibility and demonstrating the willingness to act as judiciously and accurately as possible, an accountant not only helps his position but the livelihood of the business itself.

Trial Balance Preparation

By putting all of the above skills into effect, a bookkeeper can do a remarkable job to account for mistakes and keep abreast of books so that mistakes can be made quickly. Part of this involves the trial balance, which the bookkeeper is responsible for preparing so that any mistake in the ledger accounts can be identified and also repaired.

The functioning of a bookkeeper’s high level depends heavily on accuracy, but also on the willingness to carry out his or her day book and trial balance records with responsibility, organization, and ethics.

When you have short and frequent clerical tasks, you can upload books requiring an update and retrieve them within a few hours. Given that bookkeeping services are provided by large teams, service delivery is always fast and reliable throughout the year. A single team consists of all sorts of bookkeeper. This allows customers to outsource specific sections of their books. As an example, if your internal accountant cannot manage tax planning and accounting, you can outsource this task to an independent team of accountants. A quick service helps you avoid the difficulty of stacking the work that is common with small-scale organizations. click: http://www.bookkeeperco.com.au

26 Feb

How often will I need a bookkeeper?

A bookkeeper is someone who records/keeps records of the business’ day to day financial transactions. A bookkeeper can also take on duties such as doing follow up on customers for money, reviewing invoices as well as checking bank balances.

Hiring a bookkeeper is a great idea for any business whether it is a small or a big establishment. Having a professional/ certified bookkeeper in your business increases profits makes the business more competitive and above all efficient. Bookkeepers saves you time and provide valuable service.

Right time to hire a bookkeeper

  • If you are not sure that you are keeping your records correctly, it is advisable to seek professional bookkeepers because poor bookkeeping practices can result in the business incurring huge
  • If you are falling back in record keeping. Every business should keep track of all business transactions; the management realises that the bookkeeping practice is not reliable; the organisation should hire professional bookkeepers.
  • If you have to keep away from other works to do the books.
  • If the business’ tax compliance is getting complicated. When the business is growing, or operations have increased, hiring a bookkeeper may be prudent because filing tax returns for large organisations requires professionals.
  • When you want to know where all your money is going and where you can save. This happens mostly Whenever fraud has been detected, or some money is missing in the records. The act of hiring private bookkeepers helps in preventing further loss of funds and minimises cases of fraud and misappropriation of funds.
  • When you are not sure who owns the business, whom the business owe, whether you are keeping up with the set standards of compliance when the deadlines are and such questions. ( Visit this site for more information : http://www.bookkeeperco.com.au )

Bookkeeping outsourcing

It is important to outsource bookkeeping task to professionals since they understand the work better and are experienced in the task. This will make the whole task beneficial as it saves time and presents expertise in your business. It also saves you money as you will pay for the service once and for all since in most cases you will need a bookkeeper just once in a while and the job will be done perfectly.

Saving money will also arise from eliminating the risk of losing some in the activities that were bringing in losses before bookkeeping task. Many corporations and institutes provide bookkeeping services for hire. There are good bookkeepers in Melbourne who offers guidelines and bookkeeping services.

What you should consider before hiring a bookkeeper

  • The cost to be incurred in the remuneration of the bookkeeper, one should source a considerably affordable bookkeeper.
  • The qualifications of the bookkeeper, hiring quacks can lead to an additional loss to the organisation as shoddy work can have adverse effects on the business.

For a business to prosper, a bookkeeper is needed more than any other staff in an organisation. Ensuring that all the daily transactions are properly entered in the ledger books requires both a competent and trustworthy bookkeeper.

29 Dec

The Things That Bookkeeping Services Can Do For A Small Business

If you are just starting your small company, you may already have visions of a rapidly growing business. After all, expansion is one of the main goals of most businesses. This type of growth that you are picturing for your business usually needs good bookkeeping services. Most new business owners think they can do the bookkeeping themselves, but when you start, you have to focus on recruiting, marketing and even answering the calls. Therefore, bookkeeping could take most of your day since it is not something that can be done part-time. Bookkeeping services can make your job as an entrepreneur much easier, especially when clerical duties and math are not your forte. You do not have to do the work yourself; you can just assign it to a bookkeeping company that will do it for you.

Payroll And Benefits

Needless to say as a new business owner, you will probably have to handle payroll and benefits. This type of work can actually be very complicated, even if you are paying the same amount to all of your employees. There is tax information, as well as calculating work hours and time off. If you are offering other benefits to your employees, then bookkeeping services become essential. Without them, you might be spending a couple of days completing all the necessary paperwork to get payroll out on time. Bookkeeping services will also make it easier to understand any office overheads as well as show you where your net profits are in your business.

Accurate Work

When you hire bookkeeping services, you will be ensuring that you have accurate numbers. This is probably the most important thing for any business. The outsourcing bookkeeping services company puts all the figures together for you with the solid numbers that they have been given. This type of company will usually review the work a few times before giving it to you right on time. Most of the companies will also use an online-based system. If you want a manual service, the companies will probably give it to you by using software tools which will help you update and repair any of your accounts. Using this type of software will give you the benefit of avoiding human error, as well as other slow results programs.

Updating Books

It is not rare for a small or new business to have frequent and short clerical tasks. Any books which require updating can be uploaded and worked on within just a couple of hours. Once you updated, the delivery is usually pretty fast. That is because Bookkeeping Services companies have entire teams working on different accounts. The team working on your account will probably consist of several different types of accountants and that is why they are able to update and get the work done very fast. That is one of the biggest differences between using an actual company and using an accountant in house. An in-house accountant will probably not be able to handle accounting and tax planning at the same time.

Check out this post for more informations: http://www.alohaflowersandgifts.net/how-online-bookkeeping-services-improve-small-business-productivity/

29 Dec

How Online Bookkeeping Services Improve Small Business Productivity

Online Bookkeeping Services are based on web accounting applications such as Xero. These applications are more flexible and accessible as they allow business owners and their staff to access, to store and update financial data online. Any authorized person can access the financial data stored securely on a server at any time from any PC anywhere in the world.

The downside of the traditional PC-based accounting software that is purchased via a license is that it is installed on each user’s PC and will not have real time client’s financial information update and share. If the information needs to be accessed by different users at the same time it would have to be physically transferred between PCs. Online accounting suites allow real-time information update and sharing for all users.

Online cloud-based accounting applications can have an unlimited number of authorized accesses granted to the database.

Additionally, installation of the conventional accounting, PC-based application is done via external hard disk. Version update of the software is manually controlled and applied by the users. Online website-based applications are updated seamlessly with the modern security that safely backs up data. Version updates, therefore, do not need to be monitored by the customers and data is always secure.

Online Bookkeeping Services offer significant benefits and cost savings in carrying out accounting services for a business.

The initial package includes full extensive range of bookkeeping online solutions such as financial, payroll, tax and process control services at a cheaper cost in one package.

The data is interlinked, so there is no need for double or triple entry of the same information. For example, financial data for the business such as revenue and expenses will be used to produce profit/loss for the business, and this data will also feed and populate appropriate tax return for the business owner. Payroll information will also feed business expenses, so does not need to be entered twice. Once the tax return needs to be submitted, the majority of the information should already be populated automatically for your tax return if monthly bookkeeping has been done on ongoing basis. This process reduces operational errors as well as time spent on entering the necessary data into the system.

Bookkeeping services can be outsourced due to mobile and easily accessible application suite to the bookkeeping services professionals elsewhere in the world, allowing the owner’s time to focus on core aspects of their business. In addition, there is no need to ever physically meet your accountant and exchange documents over email, all of the information can be shared and accessed online. This is also a cost saving from an accountant’s point of view as they are able to service more clients in the same time space, which, in turn, lowers the cost of the services accountants provide.

Business owners exercise more control and transparent overview over its business’s bookkeeping, as up-to-date financial situation can be viewed real-time any time of the day. more details here: http://smallbusiness.chron.com/small-business-bookkeeping-tips-2349.html

Basic cost savings aside, the online bookkeeping services provide great opportunities for small businesses to forgo hiring office personnel dedicated to bookkeeping or obtain full range of accounting services elsewhere at full cost. The accounting suite enables outsourcing of administrative tasks of tax, payroll and bookkeeping services to the professionals at a cheaper cost letting the business owners concentrate their valuable time on the core business tasks.

29 Dec

Benefits of Outsourced Bookkeeping Services For Your Company

It is essential for every company to manage its financial records regularly to keep track of the company’s financial stability. The latest trend is to get this work done by professionals outside the organization. The benefits of outsourced bookkeeping are explained in the following article.

Bookkeeping is an inevitable part of every organization. It is the activity of recording every business transaction of a company regarding the assets, liabilities, income and expense; which are properly written down and managed in books, journals and ledgers. This is done to ensure that the business records are up-to-date and in the correct order. It involves considerable time and expertise to keep the financial transactions properly managed. Companies either have a separate department to take care of their financial accounts or they outsource these services to bookkeeping companies.

Hiring a bookkeeper to manage your company’s financial accounts is the best option. There are many benefits of outsourcing bookkeeping services. Some of the benefits are discussed below.

  1. Improve Your Core Business: Once you have hired another company to take care of your financial records, it gives you ample time to focus on your core business. You can think of innovative methods and strategies to be followed to increase the profits of the organization. You can devote your valuable time on enhancing your core strengths and can also work on your weaknesses.
  2. Trust the Experts: It is always better to hire experts who can do the accounting work efficiently within the specified time frame. Outsourced bookkeeping firms generally have experts like CPAs (Certified Public Accountant) who can keep your financial records up-to-date with maximum accuracy.
  3. Forget About Hiring And Administering Accountants: If you are hiring an in-house accountant, you probably will have to find the right person and train the person if required. This takes a considerable amount of time and effort which can be used in a better way if you outsource these services.
  4. Have Enough Space Inside The Office: You can save on the company’s space if you don’t require staff inside the organization to take care of the accounts. If you earlier had accounting staff in the company itself that space can be used for your business expansion or you can save on your rent.
  5. Forget About Tax Deadlines: You may relax during the tax season as the outsourced bookkeepers make sure that your financial accounts are sorted out well before the submission time. You may not worry about the last hour rush during the tax season or deadlines.
  6. Motivate The Employees: The employees would be more convinced when the bookkeeper services are outsourced. They’ll feel motivated and fairly treated without any bias.

These are a few reasons why bookkeeping service providers are being hired by many companies all over the world. You can hire a bookkeeping company and pay them just for the hours they work instead of paying a fixed salary to the in-house accounting department of your company. There are many web-based bookkeeping companies who provide with bookkeeping solutions. You may get quotes from some of the reputed service providers and choose a company who meets your requirements within your budget.

Check out this link for more informations: https://smallbusiness.yahoo.com/advisor/top-7-benefits-outsourcing-bookkeeping-operations-132051856–finance.html