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Tips on Doing Your Own Bookkeeping

Are you currently doing your own bookkeeping or have you hired someone to do it for you? If you are a beginning entrepreneur then you should probably learn to do your own bookkeeping. Although it is true that bookkeeping can be hard at times, you can manage it with a few skills. According to an article, if you are new to managing your own records than it can be a little intimidating at first. The first thing you will want to do is take a couple of classes or do some research online on how to properly manage your books. Some of the tips mentioned in the article for when you first start off include: keeping track of your financial records from the very beginning, taking a variety of accounting and bookkeeping classes, getting a hold of some type of accounting software, budgeting for your own taxes, and keeping all your receipts related to your business and or personal self. According to another bookkeeper article, you need to ask yourself a couple of questions to see if you can really manage bookkeeping all by yourself. These three questions are: Can you set aside the time necessary to bookkeep yourself? Do you really want to be that much in control of your own finances? Would doing your own bookkeeping make financial sense or would you be better off hiring a professional?

 

If you all that bookkeeping has driven you over the edge than it might be time to take a trip somewhere and get away for a while. When it comes to get escapes, no one does them better than Travelocity. At Travelocity, you will discover plenty of great offers on: hotels, flights, vacation packages and other travel deals. Let Travelocity takes care of the flight and the hotel plans so that all you have to do is pack up yourself and book it. With Travelocity, you can search for and arrange: vacation packages, hotels, cars, flights, cruises, things to do, travel deals, vacation rentals and more and with their partnership with Groupon Coupons you will be saving more money.

 

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Visit Travelocity and save when you make your great escape. Be sure to use Groupon Coupons first for money saving deals.

What Is Virtual Bookkeeping

What Is Virtual Bookkeeping?

Virtual bookkeeping is a very important tool to use when providing business services as either an accountant or a bookkeeper. This allows many people to work from home (“telecommute”) more readily as they can provide their services from any location remotely. A virtual bookkeeper is also helpful as business look for ways to reduce hours and cost.

What is virtual bookkeeping?

Technically, there is not much difference between a virtual bookkeeper and an in-house bookkeeper other than the location. A virtual bookkeeper uses bookkeeping software that is computerized, using it to post financial transactions, update statements, review statements and financial details, and reconcile accounts. The virtual bookkeeper is granted remote access (to its server, software and financial documents) by the company who hires them. The bookkeeper then logs in as he or she would for an on-site job. Depending on the arrangement, the company may pay them directly or they may work as an independent contractor (who then invoices the company themselves).

Depending on the arrangement, bookkeeping software may be either provided by the company or purchased at the bookkeeper’s expense. The only requirement is that the software/edition is the same for both the employer and the bookkeeper to allow for proper transfer of data and records.  The bookkeeper must be sure to check this at the beginning of employment to make sure what the policy is, as there are many bookkeeping software programs out there (Intuit, Quickbooks, Xero, etc).

Benefits of virtual bookkeeping

There are many benefits to virtual bookkeeping, both for the employer and the bookkeeper.  For the employer, hiring a virtual bookkeeper may be enticing because of the cost saving and flexibility of scheduling. The virtual bookkeeper also provides his or her own office space and office supplies, reducing the cost to the employer. The flexibility is scheduled is highly appealing, especially to small business owners who may not need a full time accountant or whose needs may vary season to season. With an appropriate contract, this has the potential to be a huge cost saving move on the employer’s part.

For the bookkeeper, the flexibility is often the biggest lure to work virtually. This tends to be the most helpful for stay-at-home parents and individuals that may have disabilities that make transportation more difficult. As long as their work is completed by the designated timeline, the virtual bookkeeper is free to work according to his or her own schedule (certain days of the week, certain hours of the day, etc). It’s also cost saving for the bookkeeper, removing the cost of transportation related expenses (gas, car maintenance, etc) and child care. Some bookkeepers may even choose to work for multiple clients, which can increase their earning potential significantly.

In summary…

Virtual bookkeeping has many benefits for both the employer and the virtual bookkeeper.  It allows for flexibility and is a potentially cost saving job for both employer and virtual bookkeeper.  If you’re interested in learning more, please check out www.bookkeeperco.com.au for more information!

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7 Bookkeeping Habits Every Entrepreneur Should Adopt

The improper cash flows and improper tax fillings can make the condition of your business worse but don’t worry bookkeeping and bookkeeper are the solution for it. For every successful business the habit of bookkeeping is must. That is why I am going to share the 7 bookkeeping habits every entrepreneur must adopt. These are as follows:

Get the help of the expert but don’t leave all the things on him

It is not good that you put all the tasks on your shoulders. You can even hire the other persons who are professional in performing this task. It will surely be a smarter move that you will hire the persons from outside your company. This will be very beneficial for your company and your work will be completed within less time. You can even hire the bookkeepers Melbourne for this purpose as well. The second thing is that don’t leave all the this on the expert. You have hired a person for a task then this doesn’t mean that you don’t keep a check on him or her work. You have to check what is going on with your business. This will be better for your business.

Use the right software and the keep record of each document

The software that is available in the market for bookkeeping is very costly. But it is the need of the hour. Many businesses have now switched to computerized system rather than using the manual system for your business. So you have to be careful while choosing the right software. That would be efficient and effective as well as less expensive. You are facing any problem in it that you can discuss this issue with the friend who has same form of business like you are running. The fourth one habit of bookkeeping is that you don’t have to leave any single document. It is your duty to keep record of each and every thing. Nothing is wasteful in this regard. For this purpose log in to www.bookkeeperco.com.au may be this is what you are searching for.

Keep the record of expense receipts and track your receivables

You are confuse and you don’t know that how much you are spending on your business than in this matter expense receipts will be very useful. This will help you a lot. But still you are feeling some doubt in it than you can check the cash receipts as well in this regard. Another important habit is that is to keep record of the receivables and try to track them as well. Many invoices are issued but the important point is that you have to check that the invoices are paid to you or not. How much you owe from the others. Bookkeepers Melbourne will be helpful if you will hire them for this task.

Guide your accountant in this regard

You have to guide your accountants what you are expecting from them. You have to guide them how they can work as a team. The will work together than this will be success of yours as well as of them.

Hopefully you will surely look at this writing and will try your best to develop these bookkeeping habits for the success of your business. But have faith on your bookkeeper as well.

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Ways to Determine Appropriate Bookkeeping Rates For Your Bookkeepers

Bookkeepers in Melbourne isn’t the cheapest thing for any business, but because they are essential, you need to know how to determine appropriate bookkeeping rates for your bookkeeper. There are many things that are determining the rates of your bookkeeper, so you need to make sure that you have all these information, before you offer a contract to any bookkeeper.

Different types of payment options for a bookkeeper

The first thing that you should know about determining the best rates for your bookkeepers in Melbourne, you need to know that there is more than one way of paying your bookkeeper.

You can choose between fixed monthly rates and an hourly rate. The fixed monthly rate is if you are using your bookkeeper on a daily basis, or if your bookkeeper is working at your company for you. You might want to pay hourly rates if you don’t use your bookkeeper every day and if the bookkeeper is working for other companies also. Then you are paying them for the hours that they are actually working.

When you are deciding on an amount for your bookkeeper, you should consider this before making a final decision.

Does the bookkeeper has formal qualifications

If a bookkeeper doesn’t have formal qualifications to proof that they have studied to become a bookkeeper in Melbourne, you don’t pay them as high salaries as those who have the qualifications.

The higher the qualifications of the bookkeeper, the more you are going to need to pay the bookkeeper. Especially, if you are wanted to have a long term relationship with the bookkeeper.

The amount of experience that the bookkeeper has

Experience is also playing a big part about the amount that you are going to pay the bookkeeper in Melbourne. Determine the bookkeeper’s fee, you should look at the amount of experience that they already have.

The more experience, the more you should offer the payment. This is because experience will show that they know exactly what to do with bookkeeping and how to ensure that the books of a business is up to date and correct all the time. If the company doesn’t have lots of money to pay for a bookkeeper, you should hire one that doesn’t have too much experience.

If the bookkeeper is working, full time or part time for the company

The third and last thing that you need to consider when determine the fee for the bookkeeper, is the fact that you need to know if the bookkeeper is working full-time or just part-time. Part time bookkeepers don’t get as much money as full-time bookkeepers.

Determine the bookkeeper’s fee is really important. This is to make sure that you are fairly in the amount that you are offering the bookkeeper before you hire them for maintaining the books of the company. Not only do you need to decide the type of payment, but you should also make sure that you know their qualifications, experience and the hours that they are going to spend working doing the books. Then, you can make an offer to a bookkeeper in Melbourne like http://www.bookkeeperco.com.au  to come and do the books of the business.

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Keep Your Bookkeeper’s Interest

The last thing that you want is if your bookkeeper in Melbourneis cancelling on you and you need to find another one urgently. However, this is happening often because the bookkeeper isn’t interested in working for a person anymore. But, there are different ways that you can ensure that you keep your bookkeeper happy, so that you can have a great working relationship for a long time. Here are some ways that you can keep your bookkeeper interested:

Are you consistent in needing your bookkeeper?

Do you only need your bookkeeper in Melbourne for a week or two and then months go by before you are contacting him again? Then, you will have a big change in losing your bookkeeper.

The one thing that you should know is that the more you are using your bookkeeper, the better the change is that you are going to have a working relationship for a long time. The more you are going to use the bookkeeper, the better they will work for you. They also need to make money and can’t wait for you to contact them again.

Are you paying according to your contract?

The one thing that will ensure that you are losing your bookkeeper in Melbourn every fast, is if you don’t pay regularly or even according to your contract.

You need to know that you can trust your bookkeeper, but he also needs to know that he can trust you. And, if you don’t pay according to your contract and agreement, you will seem like not trustworthy. And, this can cause some serious problems with working together.

Do you provide good working conditions?

The last thing that any bookkeeper in Melbourne wants to do, is to always argue and explaining the reason behind a decision. The moment that you are going to make life hard for any bookkeeper, he is going to start looking for another client. And, if he has a good reputation, you are going to be replaced very fast.

There are so many business owners that are making the working conditions hard for their workers, and this means that they are also making life hard for the bookkeepers. Bookkeepers can find new clients easily, so you can’t think that they are desperately in need of the contract.

Keeping appointments

A bookkeeper in Melbourne is very busy. So, you need to make sure that you are going to keep your appointments with the bookkeeper. The bookkeeper can’t do their work correctly, if you don’t show up for meetings. This can start frustrate the bookkeeper and he might start looking for another client.

Or, he doesn’t ensure that your bookkeeping is getting priority, because you are not serious about your work and your business.

When you have a bookkeeper, you need to make sure that you are keeping your bookkeeper happy. This is the only way that you can make sure that you are going to have a long term relationship with the bookkeeper in Melbourne, that will ensure that the books of your business is taken care of.