Bookkeeping is the process of recording, analysing and interpreting the financial transactions of a business or individual. Bookkeeping is also about understanding how a business works and then providing accurate figures that enables a business to know the exact state of their financial health.
From a historical perspective, the basic premise of double entry bookkeeping can be traced back over 500 years, when it was invented by a Cistercian monk named Luca Pacioli. His bookkeeping legacy continues today as the basis of many financial software programs which are used by Bookkeeper and accountants around the world.
But bookkeeping has come along way since Luca Pacioli’s day, and today is far more than just entering data and reconciling bank statements. Modern bookkeeping is about thinking of the best ways and the processes involved to get a client a great bookkeeping result.
It is a legislative requirement to have up to date financial records, and to ensure a business pays all necessary taxes and levies.
So, What is a Bookkeeper?
A bookkeeper’s responsibility is to set up financial records so that a client’s accountant can perform legal and tax management easily and in a timely fashion. Good bookkeeping should entail the production of financial records that gives clients up-to-date, accurate information about their financial activities. This is vital to the future success of any business.
A bookkeeper can provide general and specialised bookkeeping services including:
- Process purchases, sales, receipts, payments
- Process payroll and maintaining entitlements and employee records
- Reconcile bank statements
- Produce reports for both client and accountant
- Keep accurate financial records
- Set up accounting systems and software properly
- Perform checks, reconciliations and end-of-year processes
- Ensure they are up to speed with legislative requirements and management reports
- Undertake payroll duties and compliance
- Provide reporting for preparation of a BAS
- Prepare BAS returns (either as a registered BAS agent or under the supervision of a registered BAS agent)
- Recognise what a client’s business does, make sure customer are billed, issue and record the invoice, and then make sure the customer pays
- Understand a client’s point of sale system
- Track down all the ways the business spends money
- Pay suppliers and record the payment
- Pay employees and record the payment and the payroll obligations (including superannuation)
- Determine a client’s business process for spending money and how should it be recorded
Being Accountable Bookkeeping Service is an ICB Certified Bookkeeper.
As a member of the Institute of Certified Bookkeeper (ICB), Being Accountable Bookkeeping Service has performed bookkeeping services at a significant level for more than two years and has a proven level of bookkeeping knowledge. We have also achieved the Certificate IV in Bookkeeping.
As an ICB Certified Bookkeeper, we undertake to:
- Communicate regularly and effectively with our clients — to avoid any miscommunication.
- Provide evidence of our bookkeeping work — so that you see value for the time being spent with you and paid for by you.
- Be adequately insured for Professional Indemnity Insurance — in case any inadvertent bookkeeping errors are made.
Good bookkeeping means that when you hand over to an accountant at the end of financial year, you can be confident your books are at a stage where your accountant has very little to do — which could potentially save you money in the long run.
At Being Accountable Bookkeeping Service, our standard practice is to think more about each stage and determine if there is any way we can improve our bookkeeping processes.
If you would like professional bookkeeping from a bookkeeper who is passionate about getting you the best set of books, contact Being Accountable Bookkeeping Service on 0402 464 420 or email email@example.com