Every now and then there are small business owners, who are trying to give their best to achieve a certain growth span for the company. Now there are some services which are mandatory to keep a check on the augmentation of the company. One of the not so popular services is the bookkeeping services for small business in Australia. At first, it is highly underrated, and second, it is the only you get to know whether you are doing good or bad.
First of all many of you might not have any idea about what is bookkeeping and who are the bookkeepers?
Well, the maintaining of the books with a keen interest in the day in and day out including tasks like
- Data entries in the ledger book for accounts.
- Keeping a check on the financial transactions made on an annual or monthly basis.
- Mentioning entries, codings, and timely payment of the bills.
- Creating customer bills.
- Tracking transitions and creating reports.
Moving further the bookkeeping are priced on 3 different scenarios
Part-Time Bookkeeping– In this situation, you get to do the bookkeeping on an hourly basis. It can be done along with other jobs as well. In part-time bookkeeping, one can easily keep a check on invoices, timesheets, and accounts payable.
Full-Time Bookkeeping- This one is completely different from part-time bookkeeping. Unlike the earlier one in this situation, you get an office space and a handsome salary as well. In this, the job profile demands the day to day bookkeeping, payment of the bills, managing the customer invoices, and much more. Hiring a full-time bookkeeper is quite beneficial for someone.
As you are aware of both types, now you might want to get a clear picture of what kind of things does a Bookkeeper do. The below-given information will help you out in the understanding of what a bookkeeper does.
Management of Accounts on daily basis-
Now, if you hire accounting and bookkeeping services for small businesses in Australia, you have to know about the fact that the bookkeeper will keep an eye out for all the cash flow happening on the daily basis. Whether it is every purchase or sale, each and everything will be accounted for in the annual entries.
Keep Up the accuracy of record –
Apart from updating your record books, the bookkeeper also keeps a check on the accuracy of the records and maintains them too.
Preparation of Tax –
The most important role of every company is done by bookkeeper only. This will not only keep the tax people happy but one can also avoid paying for any additional fines.
Keeps a check on Accounts Payable –
A bookkeeper is the only responsible who keep a check on all the payments on behalf of your company. Whether it be a supplier invoice or expense everything goes through the accounts of the Bookkeeper.
Assemble the Financial Statements-
These statements can be like anything. It can be a profit and loss, balance sheet, or cash flow statement. A bookkeeper maintains these records just to have clarity of where all the cash flows go.
In conclusion, having a qualified bookkeeper for your company is a good deal, if you want to keep your hard-earned money safe and secure.