Generally, a bookkeeper is used by a small to average size Company for recording of its day-to-day transactions, for example, sales and purchases, bills payments, payroll and compilation of receivable accounts. Since most bookkeepers do not have a normal 4-year accounting degree, an accounting company is bound to analyse the financial statements organised by the bookkeeper of a company.
What is the work of a bookkeeper?
A bookkeeper is usually in charge of preparing the paperwork for an organization’s business transactions, recording the transactions in accounts inside the organization’s main ledger. Nowadays, this frequently includes the utilization of cost effective soft wares, like QuickBooks from Intuit.
They are required to be accurate, productive, and learned about debits and credits, the graph of records, payable accounts strategies, sales and receivable accounts, payroll, etc. Every bookkeeper’s particular duties vary by the kind and size of the business.
Some other functions of bookkeepers are to gather information for auditors for the annual audit, purchase supplies, monitor supply levels and re- order, monitors fixed assets.
Furthermore, a bookkeeper pays invoices timely, carry out periodic reconciliations of all accounts to ensure accuracy, take all reasonable discounts on supplier invoices, calculate variances from the budget and report significant issues to management, ensure that receivables are collected promptly, issue invoices to customers, make bank deposits and keep records of cash incomes.
Also, maintain the annual budget, and provide clerical and administrative support to management as requested. Depending of the size of the firm they’re working at, their job might also be extended to incorporate adjusting entries in order for them to produce income statements and balance reports from the accounting software. Their job is normally supervised by an accountant or the owner of the small business.
In Melbourne, there are lots of bookkeeping firms that conveys quick and accurate bookkeeping services to business organizations and public companies. Firms like Bookkeeper Melbourne Co have been delivering accounting services to organizations for more than 20 years.
They understand the necessities of organizations and put more effort in conveying important accounts and profit reporting. For many organizations, bookkeeping is a non-core activity that must be carried out to fulfil statutory obligations and taxation.
Bookkeeping is an overhead cost that should be kept minimal. While onsite bookkeeping is charged at a competitive hourly rate, some firms offer offsite bookkeeping at fixed costs. Employing the services of an efficient bookkeeper guarantees you getting maximum benefit for every dollar you spend.
Accounts that are organized by bookkeepers are the basis of the income tax yield that has been arranged by accountants. Subsequently, it is important that a bookkeeper knows how to code and categorize transactions for tax assessment purposes. The use of bookkeepers with very good education in bookkeeping and tax collection principles is very essential. There are qualified bookkeeping firms in Melbourne, such as Bookkeeper Co, The Institute of Certified Bookkeepers, Accountant Australia, BOOKKEEPERS4U, Proactive Bookkeeper, Paramount Bookkeeping, etc.