Why Use A Bookkeeper?

What is the difference between a bookkeeper and an accountant? Why should I hire professional bookkeepers? These are just few of the questions being ask by many business owners, especially those who are new to their business.

Firstly, without bookkeeping there is no accounting. Bookkeeping is the nuts and bolts of a company’s paperwork. It is the preparation of all paperwork prior to accounting. Without the services of a bookkeeper, your company is at risk, why? It will be explained later on this article.

Bookkeeping is about recording all the data of a business in order, ready for either an accountant or to be sent to HMRC.

Accountancy is somewhat more complex. There is far deeper analysis involved. Accountancy checks the standards, principals and statutory requirements are all properly in place. Use this as your reference and you can be sure you are tracking the good way.

It is often joked that the difference between a bookkeeper and accountant is price. This is mostly very true. It is not uncommon for smaller companies to have both a bookkeeper and an accountant. This is due to bookkeepers having lower rates. The bookkeeping is the long, tedious side of the paperwork, collecting all the information and placing it in the correct order. If a bookkeeper can handle the paperwork for handing over to the accountant, this can save vast amounts over the accountant taking all of the responsibility, which ultimately would mean more time on a higher rate.

On the subject of cost, it is important to understand the different types of bookkeepers there are.

There are large corporations or companies and there are individuals who often work from home. The latter can be very effective as their fees tend to be lower and they can relate more with the small business type. The experience can be a little friendlier and bespoke, rather than dealing with an employee. The relationship you have with your bookkeeper is important as it can come in handy when there’s a problem to solve or any confusion for either party regarding the process. A happy bookkeepers Melbourne will be eager to help and offer advice with any tough business decisions you may face. However, there are also bookkeeping company that are not performing well so it will be your task to search for their reputation by searching their names online.

If you have both a bookkeeper and an accountant, it is important they both understand the expectations of each other. Having both means there is a hand over period somewhere along the line and no stone should be left unturned due to confusion of responsibility.

A good bookkeeper will speak with you every month and run over everything that’s been happening in the business, so they have good understanding of where the business is and where you would like it to head. It will also give you a good insight into how you’re handling your paperwork and if it can be honed to make life easier for everyone.

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Why Should You Chose Bookkeeping Firms To Deal With Your Financial Issues?

Bookkeeping is an integral part of smooth functioning of any business, be it small or large. It is undoubtedly a complex and tedious task. Large businesses can find it feasible to keep a separate department for their bookkeeping work, but it is not an easy option for small businesses to set up a separate bookkeeping department. In this instance, what should a small business do? Well, outsourcing their bookkeeping is the best choice!

Bookkeeping reflects the financial status of any business. It involves sales, income and expenditure, due payments, and detailed reports of other financial transactions of the company. Hiring firms that offer bookkeeping services is cost-effective, as they do all the tedious work at a rate that suits your overall budget.

There are many more advantages of hiring a bookkeeping firm, which are discussed below.

* Invest Your Time And Energy Only In Running Business – When you outsource your bookkeeping to other firms, then your financial issues are taken care of by professionals. Therefore, you get more time to handle your core business, which otherwise would have gone to bookkeeping tasks from bookkeepers Melbourne. The end result – more profits for your business as you are putting in more time to run it better.

* Efficient And Reliable Services – These bookkeeping firms have experts who can sift and maintain your complicated financial affairs. The thought that somebody is there to look after the debits and credits of the company who can solve financial concerns gives you peace of mind. Therefore, you can take your business further and in the right direction.

* Improved Services And Output – When you are a small company and the list of things to be done can be really long. That is why there is the need for multi-tasking. However, usually this multi-tasking depreciates the employees on quality and productivity quotient. Here lies the need to outsource your bookkeeping work to accounting firms. Being professionals, the accountants working with these firms complete it in a much lesser time than your domestic accountants.

* Profit Maximization – By outsourcing your bookkeeping, you get more time and money to spend on the betterment of your business. You can work towards strengthening your core fields of business; adopt different ideas to expand your organization, training your employees to increase their productivity, and many more. This would definitely prove to be profitable for your organization.

* Customer Satisfaction Level Goes Up – For any organization, to meet their customer’s expectations is indispensable. Hence, if you process the accounts and finances perfectly, it will leave your customers without any complaints or concerns regarding the payments. Once you are able to give your customers what they want, there begins the growth of your business.

Essential Tip

If you have decided to hire a small business bookkeeping firm, make sure that the firm is trustworthy and genuine. This is because you will be giving all the detailed information about your financial status to the bookkeeping firm, so you need to place yourself in good hands. As your financial details are confidential and not meant to be shared, it will be troublesome if it goes into wrong hands. They can misuse your organization’s private database. To avoid such a situation, do a background check before handling over your company’s accounts to the bookkeeping firm.

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Advantages of Bookkeeping With an Effective Document Management System

Technology has made it possible for organizations to rid themselves of bulging filing cabinets and rooms dedicated to archived material. Document management systems can be used to track and store electronic documents and scanned images of documents. Cloud-based document management systems offer added benefits such as reduced costs, off-site backups, and improved accessibility.

These systems are especially helpful to bookkeepers and their clients. If documents are scanned and stored in a cloud-based storage system, both the bookkeeper and client can access these documents simultaneously. Invoices, receipts, bank statements, and more, can all be uploaded and accessed as required.

Many of these document storage systems provide seamless integration with your current accounting software. This means you have the ability to add documents in the system, directly from your accounting software. Electronic documents supporting your financial transactions can be located and emailed from within your software. Why trust your business to beginners which you can hire a professional bookkeepers Melbourne to handle your bookkeeping job. Rest assured it will be taken care of professionally and carefully without any problems on the rates.

There are significant cost savings associated with using electronic document management systems as opposed to traditional paper filing systems. There are the obvious direct savings relating to using less paper, as well as savings for reduced storage space and reduced energy costs as fewer printers will be required. These savings will be enjoyed by both the bookkeeper and their clients.

Another major incentive is increased productivity. Paper documents are considerably harder to find. There is also the issue of compliance which requires organizations to be able to readily access vast amounts of information e.g. Sarbanes-Oxley and HIPAA.

Security is another important factor. Fortunately, most systems offer data encryption, password protection and an audit trail which keeps track of all users and the files they have accessed, edited or uploaded.

One of the most important benefits, though, is the fact that the system offers real-time collaboration. Bookkeepers and their clients are working off the same page by being able to access the latest information whenever they need to. Bookkeepers can ensure that all records are kept up-to-date in the accounting software and clients know how their business is performing at all times.

All documents are backed-up off site which ensures that no data is lost or damaged. Cloud-based systems usually provide a means of accessing information from any Internet-enabled device. This means you can access documents from anywhere in the world using a device such as a laptop or smart phone. This is a beneficial feature for bookkeepers and their clients that don’t want to be tied to an office or specific physical location.

However, Bookkeepers Melbourne serves small to medium-sized businesses across Australia. Our cloud-based bookkeeping solution allows us to efficiently manage your business bookkeeping needs without having to be physically present at your office. Our services include bookkeeping, payroll, tax preparation, forensic accounting, and CFO consulting. For more information, please visit us at www.bookkeeperco.com.au.

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