Bookkeeping Basics that Benefit You

Basic bookkeeping is one of the universal realities of being in business.   Along with marketing, networking and website maintenance, keeping the books is one of those universal jobs that if left to get frazzled can really cause great harm to a business. So it makes sense to engage assistance to do basic bookkeeping. But exactly what services can you expect them to provide?  We look at the 5 core roles of a good bookkeeper that will benefit you greatly.

 

1.       Keep your day-to-day finances organised
Knowing your cash flow requires knowing what is coming into to your business and what is going out on a regular basis. This means keeping track of your company’s daily accounting matters and this can be time consuming, frustrating or downright impossible depending on how little you understand about the process. Outsourcing to a bookkeeper means you get someone who is always looking after this aspect of your business so that you can focus on others.

2.       Implement systems that make your accounting role easier
A good bookkeeper will assess your current accounting system and what improvements can be implemented that will allow things to flow more smoothly within the business. Plus, it ensures that you are able to share the information your bookkeeper needs in a more efficient manner.

3.       Sound budgeting facts
You need a firm understanding of what can be considered investments, what are expenses, which invoices have not been collected, which bills to pay as well as which ones can be delayed, among other things. Having a bookkeeper means having someone on your side who has this knowledge. It also means having someone who can help you understand what proper budgeting means and how to implement it.

4.       Generate reports as needed (using your company data)
Financial reports will be important from time to time. These may be needed at the end of an accounting period, for tax purposes, when seeking a loan or when approaching a possible investor. Part of a bookkeeper’s role is to generate such reports from the company data you would have already provided. Also, he or she would also save you the hassle of updating said data if that needed to be done before running the report.

5.        Helps save money
The advice, increased efficiency and overall expertise that come from using a bookkeeper will almost certainly save you money. In addition to this, you will spend less on an outsourced bookkeeper than you would spend on a permanent accounting employee. A bookkeeper therefore helps you save by showing you how to spend less and by costing you less overall.

 

These are not the only roles a bookkeeper plays. In fact, being a good bookkeeper can encompass many aspects.  Here at Irena’s Bookkeeping we provide a complete service and are keen to assist you solve your bookkeeping problems. Call us today to discuss.