Bookkeeping Melbourne

Bookkeeping


In business, a crucial part of all accounting is the documenting of fiscal dealings, called bookkeeping services- and a good bookkeeper is a valuable staff member who will help your company enormously.

Bookkeepers work in private & Public listed companies and all kinds of institutions including governments. Their role in an enterprise is to record the daily financial operations of a business or organisation, large or small. An expert bookkeeper will have all the experience, know-how and skills to manage your company’s financial affairs, to ‘balance the books’ and to pinpoint potential financial problems.

The following is a rundown of what bookkeepers do:

Banking


Most softwares that deals with online accounting these days connects directly to a company’s bank accounts and your bookkeeper will not only make sure all transactions are accounted for, but can allocate payments and receipts into the system and download banking data straight into your company’s accounting software. It’s vitally important to settle the bank transactions to your accounting system, and your bookkeeper is an expert at this task.
Bookkeeping
Bookkeeping services

Receipts and Invoices


To keep a business running smoothly it needs a consistent cash flow, basically this means someone has to collect money from the clients and customers. Your bookkeeper makes certain that all invoices are sent out in a timely fashion, and they will chase up late payments, keeping the business motor running. They also keep the daybooks, which contain the documentation of all disbursements, procurements, sales and receipts and they make sure all matters are properly documented.

Paying staff and taxes


Bookkeepers should be registered Business Activity Statement (BAS) agents and well-versed in preparing your BAS for the tax man. Payroll can be a daunting task for bookkeeping services. They must work out taxes, superannuation, check employee timesheets, along with keeping precise employee details. They also have to steer the payroll through the bank account and the company’s accounting system.
Bookkeeper Melbourne
Bookkeeping services Melbourne

Data processing


Your bookkeeper enters all your fiscal transactions into a system exactly and consistently, slotting them into the appropriate accounts. They then provide reports every week or month, depending on your needs, that give you good data on your business’s progress.

Keeping an eye on expenses


The bookkeeper has to keep a record of your business expenses and has to reconcile them with any purchases, expenditures, and receipts to make sure the books are balanced. Petty cash and credit card spending also has to be entered into the accounts system and the bookkeeper keeps an eye on who is doing what with these things so they can pinpoint any excesses.
Bookkeeping service
Small business bookkeeping

Day to day


During a usual business day, every time a transaction is made a document is produced, with sales and purchases usually generating invoices or receipts. When money is put into a bank account and when cheques are written to pay money from the account; deposit and withdrawal slips are produced. These are source documents and the tasks a bookkeeper has to complete daily, involve recording the details of all of these source documents into books of first entry, daybooks or multi-column journals.

Along with the daybooks, the bookkeeper must log transactions in the customer ledger, the supplier's ledger, and the general ledger and these can include cash or credit. The information logged by the bookkeeper is passed on to the accountant whose role is to write reports using this data. The bookkeeper takes the books to what is known as the trial balance phase. The company’s accountant then arranges the income statement and balance sheet using the trial balance and ledgers.

Different systems


There are different bookkeeping systems businesses can use; single entry bookkeeping and the double entry system. In the single variety, every transaction is a single entry in a journal or log. Single entry accounting is much easier to navigate and simpler than double entry. Also, with single entry, you don’t have to be a trained accountant. Still, most firms globally use the double rather than the single entry method of accounting. Single entry bookkeeping services can be adequate for a small business practising cash basis accounting.
Bookkeepers Melbourne
Bookkeepers
Manual accounting systems differ from electronic systems in that there is a delay in the manual method of logging a financial transaction and its entry into the related account. This delay does not happen in electronic accounting systems, since entries into related accounts are practically instantaneous. The manual method must use such fundamental accounting books like cash, purchase, bank and sales books, and log the direct result of a transaction.

With the double entry method, bookkeeper summations are ascribed to their individual accounts in the ledger or account book. To partially make sure an entry process has been done in the correct fashion, the bookkeeper produces a working log known as an unadjusted trial balance. Any mistakes found during this trial must be corrected and checked again.

The aim is to balance the books and once the bookkeeper has done that, the company accountant can adjust and change the balance amounts of some accounts.

BOOKKEEPING SERVICES

Periodic-Closures

Periodic Closures

Weekly, Monthly or for any dynamic
period, we help you close books efficiently

Bank Reconciliation

Seamless & Hassle-Free
Reconciliation on inward/Outward

Data Entry

Meticulous Data Entry Services
Which are also economical

Payables & Receivables

Proactive Reporting and Interventions
On Payables & Receivables

Debtors Control

Information and Action oriented
Debt Check and viability

On-Site Assistance

Physical Interactivity for consultation
or meetings at all times

Contact us

BizNerve - Your Virtual Finance Team

BizNerve Consulting & Accounting Pty Ltd

Suite 7, Level 1,
486 Lower Heidelberg Road,
Heidelberg, Melbourne VIC 3084
Australia

+61 449 622 685

info@biznerve.com.au