Bookkeeping Basics

My title

Bookkeeping Basics Overview:

In spite of the huge importance of bookkeeping, most small business owners neglect it as they feel that for them it is more important to generate new sales they get caught up in other "emergencies" such as employees, customers, suppliers, operations, etc. The ones who comprehend that bookkeeping is one of the most important aspects of their business know that it affects the success of a business in the long run.

The Australian Taxation Office have reinforced this importance by ensuring that all those submitting Business Activity Statements on behalf a business must have a qualification - either:

  • FNS40207 Certificate IV in Financial Services (Bookkeeping)
  • FNS40807 Certificate IV in Financial Services (Accounting)

    Bookkeeping basically involves recording all the finance related transactions, reconciling those transactions and then filing them in an organised manner. The various documents that are recorded in the bookkeeping system include cash receipts, sale and purchase details, account ledgers, cash disbursements, supplier invoices and monthly financial statements.

    Bookkeeping Basics Course

    7 Day Basic Bookkeeping Training Program

    Please note that all fields followed by an asterisk must be filled in.
    First Name*
    Last Name
    E-Mail Address*
    Country*

    Please enter the word that you see below.

      


    Bookkeeping Services

    Bookkeeping services have become an integral part of every small and big business as they are the people that give the business owner time to focus on the areas of business that they enjoy. When employing bookkeeping services you need to keep in mind the number of transactions and the size of your business.

    These points will depend on whether you:

  • employ a bookkeeper
  • hire a contract bookkeeper that comes into the business, or
  • find a virtual bookkeeper

    Some of the important tasks performed by these bookkeepers include preparing the financial statements, bank reconciliation, maintaining ledgers, recording the account payable and the receivable, making the payments and managing the bookkeeping software.

    Read more about Basic Bookkeeping Responsibilities here >>

    Small Business bookkeeping basics

    Most of the small business owners in a rush to make profits, forget that bookkeeping is the heart of every business and cannot be neglected. Small business bookkeeping enables the business owners to maintain their financial transactions in such a way that the operations of the business run in a smooth way. The areas where small business bookkeeping can be of great help include the business owners forgetting to track the various reimbursements made to the employees, business houses not categorizing their man power properly and for correcting the over-categorization and mis-categorization performed by the business owners.

    When hiring a bookkeeper who is dedicated to the bookkeeping role, the business owners will know quickly if any one has been overpaid or if the financial statements of any month have not been completed.

    7 Day Basic Bookkeeping Training Program

    Please note that all fields followed by an asterisk must be filled in.
    First Name*
    Last Name
    E-Mail Address*
    Country*

    Please enter the word that you see below.

      

    Virtual Bookkeeping

    As most business owners feel that there is nothing more important than time, virtual bookkeepers are definitely giving them a sigh of relief. With virtual bookkeeping a bookkeeper provides clients with reliable and cost effective bookkeeping services via a secure internet connection and with the help of the latest accounting applications.

    Virtual bookkeeping removes the worry of handling another employee in your office, ie. you don't need to buy more infrastructure such as computer, phone, printer, desk and chairs. Also, with this type of bookkeeper they do not expect to be treated as a full time employee, they don't receive any benefits such as superannuation and holiday/sick pay and you don't pay workers comp for them. A virtual bookkeeper will look after the financial management tasks such as financial statements, quarterly reports, bank reconciliation, budgets and compilation of the tax reports at the year end.

    If you would like to know more about hiring a virtual bookkeeper but don't want the hassle of organising them we can help. Fill in the form below and we will call to discuss further.

    Please note that all fields followed by an asterisk must be filled in.
    First Name*
    E-Mail Address*
    Country*
    How can we help you?*
    MYOB Courses
    QuickBooks Courses
    FNS40210 Certificate IV in Bookkeeping
    General Enquiry
    If selected general enquiry, please explain here:

    Please enter the word that you see below.

      


    Return from Bookkeeping Basics to homepage

    Grab a copy of our free report ... Top 10 Tips for Making Bookkeeping Easy -- Register Here>>

    Enter your E-mail Address
    Enter your First Name (optional)
    Then

    Don't worry — your e-mail address is totally secure.
    I promise to use it only to send you Basic Bookkeeping News.

    New! Comments

    Have your say about what you just read! Leave me a comment in the box below.