Are you about to start a business? If so, have you thought of the services of a bookkeeper? To run a business well and keep track of your finances, you MUST get a bookkeeper. He or she is responsible for recording all of the financial transactions and information concerning your business. This person ensures that all of the records of the individual transactions are accurate, up-to-date, and easy to understand. If a business cannot keep accurate track of financial activities, it will be hard for it to cope. It may even dye within a few months of starting. Keep reading to learn more if you need bookkeeping in your location.
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What does a bookkeeper do?
A bookkeeper does a lot of work. However, his primary function is to create financial transactions and generate reports from that information. This involves posting information to accounting journals or on accounting software such as Quickbooks, excel, or sage. Further, the sources documents like invoices to customers, supplier invoices/receipts, and receipts for cash transactions. Additionally, during tax time, he generates deductions, keeps receipts organized for write-offs, and keeps employee tax details up to date to ensure appropriate documentation.
Is there any difference between a bookkeeper and an accountant?
The fact is that both deal with numbers relating to the finances of the company they work for. The difference is that a bookkeeper records the financial transactions on a day-to-day basis while the accountant analyzes, classifies, and reports these financial details before summarizing the financial data.
How much does a bookkeeper make per hour?
An average bookkeeper with little to no experience; earns about $42,788 per year. But one with lots of experience earns from $55,000 and above yearly.
What are the types of Bookkeeping Systems?
There are two systems your bookkeeper will be implementing. He will charge you on the systems. However, you have to know that some systems suit certain kinds of businesses. The two main types are single-entry and double-entry. Single-entry bookkeeping is for businesses with few or minimal uncomplicated transactions. It is not for a company that has accounts receivable, many capital transactions, or accounts payable.
On the other hand, the double–entry method is for a business with many complex transactions or large businesses. Here the bookkeeper posts a single transaction as an income or expense item. Then, the second entry is created to trace all transactions to a single corresponding account. in the end, it keeps finances and transactions well arranged.
Can you just use bookkeeping software instead?
The answer is yes! There are many bookkeeping software for all kinds of businesses. Some of them are even free while some charge a token. Each is designed to serve a business properly and help you keep perfect track of your business finances. With this software, you make the work of a bookkeeper easy, accurate and fast. Notable software companies like QuickBooks use the double-entry system and do not demand the user to be well versed in the method in order to adequately use the software to their advantage. The whole process is easy to master ad implement. In the end, the bookkeeper will not make any mistakes. Many small firms just use the software and do not hire a bookkeeper.