Everything You Wanted to Know About Bookkeeping

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Everything You Wanted to Know About Bookkeeping
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• Bookkeeping is the process of recording financial
  transactions, understanding the details, and
  preparing summaries to be able to generate
  accurate reports. A bookkeeper can work for a
  company or as an independent contractor. If you
  are considering becoming or hiring someone to
  handle your bookkeeping needs, then this blog
  post will answer all your questions about what it
  takes to become a qualified bookkeeper!

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• What is Bookkeeping?
• It is simply the activity or occupation of
  keeping records of the financial affairs of a
  business. Bookkeeping is the process of recording
  financial transactions, understanding the
  details, and preparing summaries to be able to
  generate accurate reports. Bookkeepers are
  individuals who manage all financial data for
  companies. Without bookkeepers, companies would
  not be aware of their current financial position,
  as well as the transactions that occur within the
  company. A bookkeeper can work for a company or
  as an independent contractor.

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• Bookkeepers play a vital role in the financial
  department of companies, as they are responsible
  for recording all transactions. This means that
  bookkeeping is one of the most critical parts of
  running a business because it allows businesses
  to make informed decisions about their finances
  and how best to manage them. Bookkeepers can work
  on keeping records by either hand or using

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• What is the Role of a Bookkeeper?
• A bookkeepers role varies from one organization
  to another but typically includes
• Maintain an accurate record of financial
  transactions
• Update and maintain the general ledger
• Reconciliation of entries into the accounting
  system
• Recording of debits credits

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• Maintain the trial balance, by a reconciliation
  of general ledgersAcco
• unt reconciliation to assert the accuracy of
  transactions
• Use knowledge of local laws to comply with
  reporting requirements
• Monitor any variances from the projected budget
• Bookkeepers are responsible for providing
  accurate, up-to-date financial information about
  a business. They are always taking the pulse of a
  business. Most often, their reports go to
  business owners and managers to help them make
  decisions.

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• What software do bookkeepers use?
• Most bookkeepers use a cloud-based accounting
  system that is easy to learn and navigate. Some,
  though not all, here are our picks of the top 5
  Accounting software in Australia

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• Xero  Xero is the best in our review for
  micro-businesses that are looking for simple
  accounting software.
• QuickBooks Online (QBO)  QuickBooks
  Self-Employed accounting software is our top
  choice for part-time freelancers and small
  businesses who primarily want to track their
  income and expenses for their tax return.
• MYOB  MYOB offers a range of products including
  Essentials Payroll, MYOB Essentials, and MYOB
  AccountRight ideal for a variety of businesses,
  large and small.

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• Reckon  Reckon One is an affordable online
  accounting software for small businesses. It is
  an ATO-approved and single touch payroll ready
  solution which helps you stay compliant and in
  control of your finances.
• Wave  Wave is an ideal accounting software
  platform for a service-based small business that
  sends simple invoices and does not need to track
  inventory or run payroll.

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• What qualifications are required to be a
  bookkeeper?
• In Australia, you do not technically have to be
  certified in any way to work as a bookkeeper.
  That is the reason small business owners can do
  their own books and BAS (Business Activity
  Statements). Administrators with experience in
  bookkeeping can offer their services without
  having to get a qualification to formalise their
  experience.

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• There are a few problems with this, however. If
  you are not certified, you may lose out on job
  opportunities or clients to bookkeepers who are
  certified. Even if you are a self-starter, it
  helps to have some formal training. If you are
  looking for qualifications in bookkeeping, we
  suggest you investigate the following
  qualifications

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• Certificate IV in Bookkeeping
• This qualification is designed for people who are
  looking to start a career as bookkeepers or need
  some extra skills. You will learn about how
  businesses work, double-entry accounting systems
  and more. This course takes around 12 months to
  complete full time study with an estimated.
• If you are looking for qualified and experienced
  bookkeepers. Speak with iKeep Bookkeeping, they
  are the highest rated bookkeeping service
  providers in Australia with over 15 years of
  experience.