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Bookkeeping is a necessary subset of accounting. It refers to the process of organizing, accumulating, storing, & accessing the financial information base of an entity, needed for 2 basic purposes: • Facilitating the daily operations of the entity • Preparing tax returns, financial statements, & internal reports to managers With many people looking for new business ideas, why not establish a business of our own to do light accounting & provide bookkeeping services for entrepreneurs? Bookkeepers keep the financial records and are capable in a single-entry ledger work for a small business. Bookkeeping services clients provide their voices and receipts for bookkeepers to post in a computer file or on paper. Several self-employed bookkeepers earn b/w $25 & $40 an hour, but that can vary with work load and location. Some bookkeepers offer services related to bookkeeping services that includes increasing their earnings potential & tax preparation. Bookkeeping services includes: • Account payables • Account receivables • Recording of sales • Maintenance of daily books & general ledger • Calculation of results of business • Preparation of financial statements • Bank reconciliation Bookkeepers are quick workers. A job which would typically take a small business owner three hours, takes a bookkeeper just an hour - leaving more hours for small business owners to spend time working & hunting up new clients. A bookkeeper is also up-to-date on the newest legislation affecting bookkeeping. They generate accurate and current bookkeeping data, which can be a precious tool in the decision making process. Accurate bookkeeping is a compulsory task for every business owner who is planning to run a profitable business that will grow over time. Benefits of an independent bookkeeper: 1. Added Value to Business: The cost of engaging a bookkeeper should be viewed as the opportunity cost of releasing a valuable time so that business owner can devote 100 per cent of their time to adding value to the business & ensuring action can be taken to improve cash flow & finally the profitability of the business. 2. Cut Extra Cost: You're not paying for any other staff member which you don't need. 3. Uses of Regulated Expertise: By engaging a bookkeeper you are paying a qualified and fully trained person having the necessary skills, knowledge, experience and expertise to manage financial records & are experts in their field; saving your money as well as time. 4. Reduce Overheads: You reduce overhead cost by not having to pay holiday pay, NI, sick pay or full monthly salary, PAYE tax, etc. 5. Allowable Expense: You can claim for your all expenses involved in engaging a bookkeeper. 6. No Training Cost: There is no need to pay to train a staff member to do bookkeeping, & then find that a staff member has moved on before you see any advantage to your business. 7. Paying Hourly or Monthly: By paying hourly, you're not paying for downtime, you only pay for what you use. By paying monthly, there is no extra cost for increase in the volume of work your business generates. Gold Coast Bookkeeper Who's Counting Bookkeeping Services specializes in providing administration services and Bookkeeping for small as well as medium businesses & services clients from the Gold Coast through to Brisbane and the Sunshine Coast.
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