What Is Bookkeeping Services And What Do They Offer?

Bookkeepers Melbourne services are a fast growing business essentially serving the financial and accounting needs of businesses. Bookkeeping is essential for any business and big companies usually have their own accounts/financial department for handling these tasks. It is the small and medium size businesses that actually reach out for such services.

The reason could be more than one; they do not have permanent staff handling such activities or the staff may not have the bookkeepers Melbourne to handle such activities and the company cannot afford to keep permanent staff for the tasks.

So you should ask the external bookkeeper the following seven questions.

  • Does your bookkeeping firm serve a business of my size?
  • Do you think your bookkeepers can understand the unique structure and problems of my enterprise?
  • Do your outsourced bookkeeping services entail the software I prefer using?
  • Can your bookkeepers do my income taxes?
  • Does your bookkeeping firm have a good reputation?
  • What methods of communication do you use?
  • Do you have a pre-set fee structure?

I am sure that many you have heard the term bookkeeper or bookkeeping, but what is it and what is their role in a business?

Bookkeepers play a vital role in managing the cash flow of a company. Primarily they record the daily financial transactions of a company; in addition they may have to do other tasks related to cash management which varies according to the business/company.

Some of the tasks may include:

Invoice Processing:

Processing invoices is an important task. I can include issuing invoices to customers, verifying invoices against purchase orders and managing other related documents.

Payroll Management:

Bookkeepers make sure that the employees are getting timely payments. In addition, they may have to set up employee direct deposits, manage taxes, healthcare and medical care taxes etc.

Budgeting assistance:

Managing expenses against a budget is also part of the bookkeeper’s job. They may alert the employee/department when they have reached the budget limit.

Recording sales:

Tracking and recording daily sales is important. For companies with large number of transactions they may manually record the same on a ledger or use some accounting software to capture it. For business such as restaurant the number of transactions per day can amount to hundreds which needs to be recorded properly for verification at the end of the day. POS systems at retail shops essentials do the same, which is verified at the end of the day.

Paying bills:

Managing the accounts payable process. They keep track of the vendors who needs to be paid and at what terms.

These are some tasks that a bookkeeper may need to perform and it is not exclusive. So a business owner need to know what kind of bookkeeping services is required for him. What is the specific task that he wants the bookkeeper to perform?

And what books needs to be updated? So before reaching out to a bookkeeper or bookkeeping services one must do a detailed study on his/her own business and its needs.

Read more here: http://www.drewandersonphoto.com/you-your-bookkeeper-and-small-business-tax-preparation/