Bookkeeping is an integral part of accounting that involves documenting financial transactions of an institution or company on a daily basis.. Bookkeeping systems vary according to the size of the company, ranging from the simplest for example a check register (for deposits and checks) to complex systems for example use of ledgers.
For every business to be successful there is need for a bookkeeper. Bookkeeping business has become more and more popular with the rapid establishment of both small and large business by entrepreneurs.The general work of a bookkeeper involves recording business transactions, balancing ledgers, checking the company’s bank statements, preparing receipts, sales invoice and payments, completing VAT returns, conciliating accounts. Backing up accounting data and drawing up reports. Bookkeepers operate with cost-effective softwares for example Quick Books that are easy to use and also time saving.
Most business owners, especially the upcoming entrepreneurs are too busy to find time to manage their bookkeeping systems. They therefore form the largest base of clients for bookkeeping business owners. Other large corporations also employ these bookkeeping business owners permanently to manage their bookkeeping systems. Bookkeepers must be efficient and thorough in their work to avoid causing losses to business owners.
Nowadays, most bookkeeping business owners charge hourly, ranging from $25 to $35 per hour. At bookkeeping services botany rates are considerably lower. However, some charge on a monthly basis, especially those working for large corporations. A bookkeeper’s earnings depends on many factors; the type of client’s industry, the size and location of the company, their level of education and their time of experience.
A bookkeeper can work either part-time or full-time depending on the quantity of work and the client’s preference.
There are many benefits realized by business owners who invest in bookkeeping services. They include:
• The business owner is able to concentrate on other areas of the business and thus is able to increase the company’s earnings.
• Saves on money and time that would have been used to manage the company’s bookkeeping systems.
• There is a guarantee that all the financial records are accurately organized thus auditing becomes less hectic.
• The bookkeepers are easily accessible to take care of all the accounting needs that arise.
In conclusion, bookkeeping is essential for both small and large businesses for accurate recording and maintenance of the company’s monetary records.