Tips on Completing Basic Bookkeeping for Any Small Business

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Regularly audit the books

Hire an external auditor, for example those from Payroll service australia at least once a year to the audit of accounting books. This makes it difficult for the fraudster disguises his actions. The audit should not be scheduled in advance, but be surprised; ensure that it does not occur in the same period every year. If you suspect fraud, consider request, specifically, a “fraud audit” instead of a “general audit.” This type of audit is designed to uncover and prevent these kinds of losses.

Understand the books

The diversion of money usually occurs when bookkeeping is sloppy and unsupervised, which makes the employee tamper with the cash and receipts. As a business owner, you should familiarize yourself with the bookkeeping of your company and the record keeping system. Thus, it will be easy for you to examine the books and make sure there is nothing wrong. If you are not “accustomed to numbers,” ask your accountant to devote a little time to show you what to look or take a course on accounting or bookkeeping at a local college. Trusting someone else to oversee this, which is the most important part of your business, only opens the door to fraud. If you have issues, leave it for the pros, contact

Protect bookkeeping software

Do not allow unauthorized access to your bookkeeping software. Do not place the computer in a network that keeps the books. Ensure … Continue reading....

In-House Bookkeeping Vs Outsourced Bookkeeping Services

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In-house bookkeeping when not completed by a qualified bookkeeper can contain errors and costly mistakes, after all we are all human. When someone in the office is handling the business bookkeeping as a side job so that your company can save money, it can end up being an expensive lesson.

If you have found that your errors are becoming costly, it may be time to look at outsourcing your bookkeeping. The Internet offers a variety of virtual resources from all over the world with many outsourcing companies more competitive than employing a full time qualified member of staff.

Why should I keep my bookkeeping in-house?

Keeping your bookkeeping in-house allows you a level of control, you can input your own details and figures and basically the buck stops with you. You can ensure all of your tax returns and payments are made on time, in-house bookkeeping is a good option if you have lots of employees and can afford to have an entire department dedicated to looking after your financial interests. Your accounting needs may be complex or specialized, if this sounds like your business then outsourcing can be costly. Keeping your bookkeeping in-house also allows you to set daily or weekly tasks for your staff members, or arrange meetings to keep everyone in the loop with regards to company matters. An in-house bookkeeper or accountant will be loyal to your business as well, whereas someone brought in on a … Continue reading....

Freelance Bookkeeping Rates

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While choosing a freelance bookkeeper there are several things to consider. How much is it going to cost you? Will they do a good job for your business? Do they have the required skill set and qualifications to be able to complete the task? How long have they been bookkeeping for? If the answers to all of these questions are satisfactory, then you need to discuss timeframes and agree the workload for a specific budget.

Let’s face it, competition is hot, and there are many qualified people who are willing to work for half of the going rate just to get the work. However, this is your company at stake, and one slip from a bookkeeper could end up being a costly mistake which damages your bank balance and your credibility. The easiest way to find someone who is reliable and trustworthy is via word of mouth, reviews online, speaking to other business owners – and if possible meet the person who is going to be looking after your books. Your instinct will tell you whether they are right for your business or not. If meeting isn’t an option and your preferred bookkeeper works remotely – a facetime call or skype video call will help to alleviate any doubts you may have before you assign them the work.

How much will I pay for a freelance bookkeeper?

Work out if hiring a freelance bookkeeper is cost effective for your business, … Continue reading....

Choosing the Right Bookkeeper

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It can be a daunting experience hiring a bookkeeper. For a start, how do you know they are even qualified? If they are, have their qualifications been updated to incorporate new legislations? There are many questions to ask when choosing a new bookkeeper.Here are a few you should bear in mind.

Do they have experience bookkeeping in your industry?

Your bookkeeper should have qualification and be up to date with legislations, they may also need to be registered as a tax agent if they are going to be dealing with your business tax returns. It is also a good idea to employ a bookkeeper who has some experience in your industry. If you deal in retail and sell thousands of products per day, a good bookkeeper who has knowledge of retail income and expenditure would be a great asset. Also if you employ hundreds of staff, then a bookkeeper who has only worked with a small business with a workforce of 4 probably isn’t going to be a good fit. Ask them which type of clients they currently work with and request a conversation with some of their clients. This way you will find out if your potential bookkeeper is reliable and if their other clients have encountered any issues.

Have they worked with your accounting technology?

If you are fortunate enough to find a great bookkeeper with amazing testimonials from other clients who is also familiar with your … Continue reading....

Benefits of Online Bookkeeping for Small Businesses

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The benefits of online bookkeeping if you are a small business are huge. If there are only a few of you in the business at this stage, online bookkeepers ensure your accounts are kept up to date for a small monthly fee. This takes away any pressure from you, passing everything to them allows you time to concentrate on growing your business. When you are a small business, chances are you are multitasking most days, when you are busy trying to bring in new business and keeping existing customers happy – accounting will not be top of your criteria of fun things to do.

Many small businesses use simple accounting software to keep them on track. Gone are the days of manually writing all of your figures into a huge ledger by hand. With a couple of clicks of a button your figures will be online and updated throughout the month. When tax return time comes around again, you will be in a strong position to submit everything on time and accurately.

Xero, Quickbooks and Freshbooks are some of the main software accounting you can purchase on the market today. Download a month’s free trial from their websites and navigate the software tools before you commit. You may find that one service has a few more features which you can utilize for the same price every month. Check that the online bookkeeping software is compatible with your server and operating … Continue reading....