4 COMMON BOOKKEEPING MISTAKES

BOOKKEEPING

You may have been doing your business bookkeeping for quite some time, or possibly you are just starting a new business venture. Have a flick through these top 4 common bookkeeping flaws to see if you recognise whatever you have been doing in your business.

Where should you choose a new bookkeeper? Either use someone that you have individually satisfied and whom you are feeling has your business’ needs in mind, or you can talk to your accountant and other companies for his or her advice.  Find out what education and experience they may have.  In Australia, they need to be anauthorised BAS Agent to ask you for a fee for BAS related services.

The three main benefits of engaging the services of a professional contract bookkeeper instead of selecting an in-house bookkeeper are:

  • You do not need to pay superannuation, trip pay, sick pay, holiday break leave loading or WorkCover.
  • You do not need to provide extra office space and equipment or to be tied to the office looking forward to them to complete their work – many bookkeepers will do your bookkeeping off-site.
  • They are simply business owners as if you – they know the ups and downs and how the small company world works.

Combining Personal and Business Financing.

Don’t get too swept up in the early levels of starting a fresh business to disregard this one – it is an important one! Even for singular investors, not separating finances can cause serious headaches. Get a split bank-account organised and ensure all business income goes in here from day one.

Not Reconciling Standard Bank Accounts

Reconciling your business bank accounts is absolutely one of the essential fundamentals of good business bookkeeping. Where I work, it is done daily – because of this any data admittance errors are picked up while everything is simple to recollect. You may only need to do it weekly or monthly. Viewing your bank claims frequently will also help keep you in tune with your cash flow situation. To put it simply, reconciling means that your standard bank statement suits your business books. Bank account fees and interest get joined into your books, and presented cheques can be implemented up. Many accounting software programs can be set up for automated bank or investment company feeds – doing a lot of the task for you.

Bookkeeper Not Keeping Receipts

Get into the habit of keeping every business-related receipt – lay claim every expenditure you have anentitlement to and make sure you have proof purchase if you are ever audited. Good company and filing will help with this one. Place a spike on employee desks for bank card and gas receipts. Get employees into the regime of emptying their work vehicles of any car parking tickets. Promptly record away paid charges. If you are uncertain whether you can lay claim the expense, keep the receipt carefully anyway and ask your BOOKKEEPERS at duty time. Easy!

  1. Getting back of with the books

Small enterprises often have to juggle many roles and bookkeeping will sometimes have to be on the back-burner. If you are at the point where you cannot keep on top of your bookkeeping, consider hiring a professional freelance bookkeeper or part-time bookkeeper. It is important that at any time you can try your books and create the financial health of your business – whether you are making earnings, whether your customers are paying within terms, what you owe. If finding a bookkeeper isn’t an option, get into the routine to do a little of the bookkeeping often. For more detail: http://www.bookkeeperco.com.au

Part Time Work that yields Full Time Travel Benefits

If you’re interested in the field of bookkeeping, you’ll find that it is an ideal profession for someone who wants to work part-time.  There are traveling bookkeepers who make their living taking on a few clients a month, and make enough to pay the bills, supplement their pensions and combine their love of bill paying with travel.  Such a job would have been nearly impossible to pull off before the cloud made storing and sharing files so easy.  Now with a secure connection, you can find time in your travels to provide the service your clients need even when you are miles apart. Going paperless is the best way to manage as a travelling bookkeeper.  Life is so much easier when you can download all the bills, bank statements and receipts.  You can even receive texts of last minute items that must be included in the report, and easily update it. 

If you decide to travel, using the services of Hotwire to book your travel needs is a smart way to save time and money.  Especially if you add Groupon to the mix.  Hotwire is already known to millions for finding the lowest prices, but with Groupon codes, you can unlock more discounts that will favorably impact your bottom line.  Bookkeeping is all about time and money, using Groupon deals to save as much as 60% off hotel rooms and rental cars for less than $10 a day saves you both.  But it’s the quality of the rooms at the hotels they list that give people the best experience.  You’ll find 4-star rooms at 2-star prices, and can use the money saved to enjoy your vacation more.  That means more sunsets on the beach, more delicious meals in beautiful restaurants, and if you want to take a cruise, Hotwire can help you with that also.  All the while, as long as you have a strong, secure internet connection, you can continue to work for your clients.

Bookkeepers duties vary, but are usually charged with monitoring expenses, paying bills, downloading invoices managing accounts payable and receivable and making sure all the financial documents that should be included in the monthly report are accounted for.  By combing work with travel, and travel with Hotwire and Groupon, you can enjoy a lucrative stream of income for a long time.

How Do You Become a Certified Bookkeeper

 Have you always wanted to be a certified bookkeeper but weren’t sure where to start? There is a lot of information on the internet and it can be intimidating to search through. We hope to streamline the process and help you become one of the bookkeepers Melbourne as quickly and efficiently as possible!

The official designation for a bookkeeper is CB (or certified bookkeeper). Their job is to provide bookkeeping and payroll services to mostly small businesses.

How do you become accredited?

Certification is done through the American Institute of Professional Bookkeepers. Founded in 1987, this organization now has over 30,000 members! Their goal is to keep their members up to date on all applicable tax codes and changes, help them find jobs and answer questions through a hotline that they provide free of charge. Per their website, they state that “Small businesses often have only a bookkeeper as their sole financial officer. Now they can rely on that de facto CFO as a highly qualified and certified expert, complete with the experience, training and qualifications provided by a program established by the American Institute of Professional Bookkeepers.”

How do I become certified?

The exam itself consists of four parts – four tests and two work book exams. There will be questions covering the entire scope of what it takes to be a successful bookkeeper. You should be prepared to answer questions about deductions, accruals, revenue recognition concepts, payroll, etc. They also will ask you about federal reporting forms and tax information. You can purchase study guides through the AIPB website at a small cost. In order to become certified, you must also have at least two years of full-time experience and sign a code of ethics. There are more than 500 accredited facilities you can take your test at. It costs $25 for members and $60 to register and the exam itself costs $200.

Once certified, you are required to complete 30 continued education credits yearly to maintain your certified bookkeeper accreditation.

What are the advantages of becoming certified?

                 – Increased market value of your services! Certified bookkeepers with up to date accreditation make more money per client than bookkeepers without that certification. This could potentially   add up to thousands of dollars a year over someone that is not certified.

– Looks great on your resume! Clients looking for knowledgeable bookkeepers tend to be on the eye out for certifications. This insures that you’ll be the best person for the job – ready to handle all their accounting, bookkeeping and tax needs.

– You can add the CB designation after your name to add professional clout. How good does   Jane Smith, CB sound? Many potential employers will take you more seriously with an official designation like that. It may be the difference between your resume being looked at or set aside!

If you want more information, check out the American Institute of Professional Bookkeeping website at http://www.aipb.org/index.php or refer to www.bookkeeperco.com.au. Good luck on your quest to become a certified bookkeeper!

Should You Choose A Bookkeeper If You Have Less Than 10 Employees?

For millions, running a business is hard and most managers don’t think about hiring a bookkeeper to make things simpler either. The problem is hiring an outsider to deal with the basics of bookkeeping costs and it can at times be another expense a business cannot afford. Are bookkeepers suitable for every business, even when there are less than ten employees? If you aren’t sure, read on and you might find some surprising information.

Bookkeeping Must Be Dealt With By a Professional

First and foremost, bookkeeping covers a variety of areas such as what money is paid out and what money is paid in; and these are only two areas, there are many more. It’s a complicated process to say the least and if a business owner doesn’t have the time or patience to deal with such matters, help is required. Bookkeepers Melbourne will offer help and support and ensure everything that must be covered is covered. If one or two things aren’t dealt with then the entire process falls flat and it’s not generally good for business. However, even if you have one or two employees, hiring a bookkeeper can be a great idea.

Why Hire When You Have Few Employees?

It seems a little wasteful to hire a professional service when your company has so few employees but in reality it has nothing to do with employees but rather your business in general. If your business doesn’t run smoothly and you cannot keep track of what your overheads, outgoings and what’s coming in then you could be in big trouble. Remember, you use your books as a standout point for your company and when you are buying and selling materials you ideally need to know you’re doing well. If you aren’t but your books are in a mess then you may make the wrong decision in going forward.

Good Bookkeeping Keeps You and Your Employees Right

A lot of business owners don’t believe they require any outside help and attempt to run things via a manager or by their own hand. While at first things might run smoothly it will soon turn into a bit of a nightmare. Unless you have experience and real training with bookkeeping you can get it wrong and when it goes wrong, it’s very bad indeed! Bookkeepers Melbourne on the other hand is fully trained and is able to do everything you cannot. They not only ensure the books are corrected by accurate too.

Decisions Are Made By Bookkeeping

Let’s say for a moment one product line wasn’t bringing in high sales and it was lagging behind another more popular option, how would you know this? If you don’t have proper bookkeeping you might fail to notice such sales and the reason why is simply because you don’t know what you’re earning. This is going to cause a lot of trouble for the business which isn’t what you want. Remember, a decision on your business’ future can rely on your books. Check out www.bookkeeperco.com.au for more information.

Get Help – You Owe It to Your Employees

When you run a business and have employees you really need to ensure their jobs are safe. You are taking on that responsibility and if you don’t make the right decisions within your business, they could lose out. That is why it’s necessary to choose a bookkeeper whether you have one or one hundred employees.

Why Online Bookkeeping Liberates Business Owners

Online Bookkeeping

Bookkeepers frequently use the Internet to help them with their day-to-day tasks. They not only use the simple tools available online, but help to store the information too. Online bookkeeping may seem like a strange concept, but it is widely used today and it really does more freedom to thousands, if not millions, of business owners worldwide. This sounds great, but why is this actually happening?

Online Bookkeeping Gives Your Employees the Flexibility to Do Their Work

Regular 9-5 jobs are great, but they aren’t always possible for everyone. There are commitments in many forms and working around them can be important. However, when you have a business you don’t often get the chance to be flexible or to allow your employees be flexible, even with bookkeepers Melbourne. However, when you look at online bookkeeping you are technically opening the doors to flexibility and that can really be important for you and your business. You could see a lot of good coming from online bookkeeping. Business owners are technically liberated from shackles simply because of the flexibility and freedom of the Internet.

Should You Give Online Bookkeeping a Chance?

To be honest, online bookkeeping is a great idea. It doesn’t matter if you are personally doing the books, your employee or are outsourcing; using the Internet and the endless services online can be very useful. You can basically have a copy of your businesses’ books stored safely online so that if ever anything happens to your original copy, there is a back-up one available. You really should give a lot of thought over online bookkeeping because it’s actually very impressive. A lot of bookkeepers today use online tools and services so that their clients are happy and the work is done faster and more efficiently.Learn more tips at http://www.pcmag.com/review/345685/godaddy-bookkeeping-essentials-for-iphone

Understand What Your Business Requires

Online bookkeeping seems to be a great solution but it isn’t something you should jump right into. It’s important to understand fully what online bookkeeping entails so that you can be sure it’s fully right for your business. If you don’t really know what your business needs or you don’t take the time to give this a lot of thought then you could make the wrong decision. Yes, online bookkeeping is great and something in which thousands of businesses are trying each and every day but that doesn’t mean to say it’ll work perfectly for you. Don’t rush into a decision until you are fully aware of the advantages and disadvantages. Bookkeepers Melbourne will be able to help you understand more about how it all works.

Online Bookkeeping

The Power of the Web

The Internet is vast and since technology has really come a long way in recent years it has opened the door to newer and greater things. Bookkeeping is changing too and being able to do the vast majority of the tasks online in some form is extraordinary. However, it’s all for the best because the opportunities for businesses to become more efficient is there and so close. Bookkeepers will tell you the same thing and if you are to hire an online service you would hopefully see some wonderful results.visit this website for more details.

Top 4 Bookkeeping Software

Bookkeeping

When it comes to choosing a bookkeeper Melbourne you will often find they use different tools. Modern bookkeepers use a variety of tools that helps them, and one important tool is software. Now, for most, they don’t really give a lot of thought over software or the fact bookkeepers use it, but it’s very important. Software has given a new meaning to bookkeeping because it isn’t just the old-fashioned or regular methods available; there are now bigger and better solutions to consider. The following are four software options you may want to consider:

Bookkeeping Software 1 – Net Suite

This is more of an accounting software but still it can be a useful tool for bookkeeping. You will find this is be extremely simple to use if you know what you’re doing and it doesn’t cost much either. If you need to give access to a third-party it is possible to do so with Net Suite. A bookkeeper Melbourne could potentially use this piece of software so it gives a good indication of how popular it is.

Bookkeeping Software 2 – Works

Bookkeepers Melbourne often likes to use Works. This is a great bookkeeping software and something in which offers a lot of quality too. There are lots of programs to choose from and offers great and fast results which is very important. You may want to consider this option if you are thinking about trying the books yourself or helping to set up a new bookkeeping system for someone within your company.

Bookkeeping Software 3 – Quicken

Another top bookkeeping software options to consider is Quicken. Now this is widely recognized and widely used and it does offer a lot for small businesses. The software can be used on home computers too and the information generated will be then sent to the office sever. Again this is a really great option to consider and one which is highly used today. Lots of bookkeepers choose this software so it really is a fantastic option to consider.For more updates, visit http://www.codyenterprise.com/article_329a7ba2-3fde-11e6-8c81-b3b78076318c.html

Bookkeeping Software 4 – Peach Tree

Bookkeepers really like the idea behind Peach Tree. This software is simple to use, but again it’s something like accounting software. That said, it is potentially good for those who keep up-to-date with their books. It’s user friendly and offers a lot of impressive features as well.

Bookkeeping

Bookkeeper Melbourne Is Important – And So Is Their Software

Software has really changed the face of bookkeeping in so many ways and while it remains a complicated area it is made a little easier with the right tools. Yes, learning to deal with bookkeeping is never going to be easy whether you have some experience with it or very little; and even if you think you know everything there is always going to be something you forget. However, that is the fun part of bookkeeping and it’s the biggest reason why the need for the best tools is great. Software might not appear to be such a necessary tool today; however, it really is. Bookkeepers everywhere will tell you they use only the best software.

How to Create an Effective Bookkeeping System

Effective Bookkeeping

Whether you hire a bookkeeper or decide to go solo, having an effective bookkeeping system is very important. When you run a business and have employees responsible for you have to ensure the books are kept in good order; and even if you don’t have employees you need to know what money is going out and in of the business. That is why a good system is needed but it isn’t hard to create once you know a few things.Check her latest post at http://www.jewelry-wiz.com/bookkeeping-services-what-are-they-and-where-to-find-them/

Understand How Your Business Operates

In order to create an effective system for your books you have to firstly think about how the business actually runs. How is it operated and what is going to work best? If you don’t know these things then you are in a lot of trouble because you may make an error or two. It will be important to think very carefully about your business so that you can find an effective system. Bookkeepers Melbourne will be more than happy to help if you’re stuck.

Choose Between a Single and Double-Entry System

If you were to hire a bookkeeper then you would note they often use the old double-entry system. Now this can be a great system to use and something in which many finds very useful; then again the single entry system can also be good. However, when you want to create an effective bookkeeping system you have to think about what is right for you. Both the single and double-entry systems are great but you have to choose one and stick with it otherwise your books can quickly get in a bit of a mess.

Update Your Books At Least Once Every Two Weeks

Everyone has their own little ways in which they will take care of the books and for some they leave what needs to be done until the very last second. Now this isn’t always good because you can easily lose track of important facts and make crucial mistakes. You don’t want to do either of these things because it could get you into a heap of trouble. That is why it’s important to create a system where you update the books regularly. Once every two weeks can be good as long as you can keep on top of things; but you may find it’s much easier to update things on a daily basis or at the end of each week. Bookkeepers Melbourne will tell you good organization is important for keeping your books in-check.

Effective Bookkeeping

Hire a Bookkeeper If You Can’t Do the Job

Let’s be honest, if you are personally taking care of the books but find it’s just too hard to keep updated with everything, you need to know then it’s crucial to look to a bookkeeper. There are many great bookkeepers who you could hire to help you with the important stuff. The professionals will take care of the actual books, but, essentially, you are the one in charge of everything which is really what you want. You may not like the idea of outsourcing or hiring someone to do what you could so easily do but it is quite difficult if you aren’t trained professionally. There are many bookkeepers Melbourne you could hire so don’t be shy.

Bookkeeping Services: What Are They And Where To Find Them?

Bookkeeping Services

When it comes to hiring a bookkeeper a lot of people remain sceptical. There are many who believe they can easily take care of the books by themselves in order to save money, but it isn’t always a good thing. While you may hand the books over to a friend you can’t be sure they won’t make mistakes and if they aren’t trained that is worse. However, what are bookkeeping services and where can you actually find them?

Do You Really Need A Bookkeeping Service?

If you aren’t too sure about whether or not you actually need to hire a bookkeeper Melbourne or a bookkeeping service just think about your business. How is it running at the moment? Have you have any issues in the past due to errors in the books? If so then you know you are going to need to get your hands on a good bookkeeper. Making mistakes will happen but in business you really can’t afford to make them. There are so many issues in which you have to deal with and if you aren’t prepared fully then you could find yourself in a heap of trouble. That is why you need to hire a bookkeeping service.

How Confident Are You In Handling The Books?

Bookkeeping services are very simple and straightforward. Bookkeeping is really all about keeping track or record of financial matters within a business. For example, if you own a small business with say ten employees and you were in the buying and selling business, you would have to keep record of what money is going out of the business and the money coming in. It isn’t as easy as it looks or sounds and believe it or not, trained professionals are the only people who should be handling the books. Are you really confident in these matters? If not, then you have to give some serious thought to a bookkeeper.view additional detailed information at http://bookkeeperco.com.au/

Go Online To Find a Top Professional

If you want to find a great bookkeeper then the best place for you to start would be the Internet. The web is vast and it does offer everyone the chance to find new people and hire the very best. There are many good freelancing sites for casual workers to be hired or you could always choose a bookkeeping company. The person or people you choose remain your decision at the end of the day but there are lots of options to consider and a lot of resources for you to use as well. You shouldn’t have too many issues to face when you are searching for bookkeepers.

Always Take A Few Precautions When Hiring a Bookkeeper Melbourne

Bookkeeping Services

However, when you outsource and hire someone you really need to ensure you don’t just hire someone for the sake of it, you need to ensure the person you hire is a top professional. A bookkeeper Melbourne is super easy to find but you need to ensure you check out the service first. You need to know about their background, their history and experience, not to mention their reputation and costs. If you take precautions before hiring then hopefully you’ll find a top bookkeeper.

Bookkeeping Services Are Important

Too many people forget that bookkeeping remains an important part of business. However, bookkeeping is important and something that cannot be forgotten about. Hire the best bookkeeper Melbourne and get the service you deserve.