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A bookkeeper is someone who cares for the accounts of a business. This can include a range of things, from trust accounting to profit & loss statements to financial reporting. Their job is to provide accurate and up-to-date financial information, whilst remaining on top of all the relevant legislation and regulations.
Bookkeeping involves the recording and tracking of varying financial transactions for a particular business. This can include anything from creating reports to preparing tax returns to invoicing - the list is huge.
If you were to answer this question in one sentence, it would likely be something like ‘A bookkeeper is responsible for the accurate and up-to-date provision of financial information regarding a particular business’. Realistically however, this does not cover the huge range of tasks that a bookkeeper can complete on any particular day, week or even month.
A bookkeeper may complete tasks such as:
Learn more here.
There are a huge number of reasons as to why employing a bookkeeper is a good idea - so many we actually wrote an article about it (see here). But, in a shortened version, the following are the main reasons as to why you should employ a bookkeeper:
And so much more! Give Books Onsite a call if you would like to know more
Bookkeepers and accountants are actually two different aspects of a business - although they have a range of common goals and ideas, they are actually different parts of a business financial cycle. Bookkeeping generally comes first, such as organising day-to-day transactions, however there are some overlapping components.
In short, bookkeepers report financial data and accountants give insights and analysis of that data (and what it means for your business).
MYOB (which stands for ‘Mind Your Own Business’), is a financial software system for businesses that was developed in Australia. It can help with aspects such as accounting, tax and bookkeeping.
Books Onsite offers dedicated MYOB Certified CPAs for all your bookkeeping needs.
Xero is cloud-based business accounting software that assists with a range of tasks, such as bank reconciliations, inventory, expenses and bookkeeping. It keeps monitor the financial aspect of a business in a clear way, whilst offering cloud-based solutions to many common issues.
Books Onsite offers dedicated Xero Certified CPAs for all your bookkeeping needs.
Quickbooks is small business accounting software that assists with expenses and managing business income. It helps to keep track of the financial health of your business, whilst also being able to be utilised for invoicing, generating reports and paying bills.
Books Onsite offers dedicated Quickbooks Certified CPAs for all your bookkeeping needs.
Trust money is money entrusted to a law practice in the course of or in connection with the provisions of legal services by the law practice. These funds are kept in a trust account.
A trust account is an account, held by a law firm, to hold trust money that has been entrusted to that law firm in the course of or in connection with the provisions of legal services by the law practice.
Trust accounting is a simple form of bookkeeping used exclusively for trust transactions. It is the recording by a law practice of the receipt and payment of other people’s money, with all transactions being recorded in individual accounting records maintained for the person on whose behalf the money was received.
Trust Audits, sometimes referred to as Law Firm Trust Audits or External Examinations,
are a crucial part of trust accounting.
A Trust External Examiner must be appointed by the Law Practice as soon as a trust account is opened. The Trust External Examiner is required to lodge the Trust Audit by 31 May each year. When an External Examiner’s Report is qualified or an adverse report is made, a copy of the Report is to be forwarded by the external examiner within 7 days to the Chief Trust Account Investigator & Supervisor, Trust Accounts Department of the Law Society.
The report must include an examination of all general trust accounts and accounts where trust money was held (e.g. controlled money accounts, account subject of a power) that have been opened or closed by the law practice during the reporting period.
Legal bookkeeping is a type of bookkeeping offered specifically to law firms. As solicitors and legal professionals deal with a range of financial matters, including trust accounts, employing a specific legal bookkeeper ensures that all your legal financial transactions are correctly recorded and dealt with.
There are a variety of reasons as to why you should employ a legal bookkeeper, not a regular bookkeeper (or do it yourself!) for all your bookkeeping needs:
Yes! If you are a law firm, you should be fully aware of all the relevant legislative rules and regulations when it comes to trust accounts for your legal practice. If you are unsure, call your state law society and they can assist you, or give Books Onsite a call and we can assist.
Yes! A bookkeeper can do a number of different key tasks in the accounting/business cycle such as:
A bookkeeper relieves you of the challenging tasks in the financial/business cycle and can help your business in the following ways:
A bookkeeper acts as your very own accounts department, They will formalise an accounts manual so you know what to expect from us on a weekly, fortnightly and monthly basis. This will include an accounts receivable function!
At Books Onsite you can expect the following accounts receivable functions from your bookkeeper.
Yes, bookkeeping can be done both on site and off site at your business. Due to amazing advancements in cloud accounting services such as Xero, MYOB and Quickbooks bookkeeping can be completed from anywhere at any time.
At Booksonsite all of our bookkeepers are appropriately qualified for the chosen bookkeeping program, with MYOB, Quickbooks or Xero Certified CPA support where needed.
This is a tricky question to answer, as one size does not fit all. The cost of engaging a bookkeeper can change depending on a range of factors, including:
That is why it is best to contact a company direct and discuss your exact needs, so a personalised quote can be offered to you. Give Books Onsite a call if you need some assistance!
At a minimum, in Australia, a bookkeeper is required to complete a qualification, such as a Certificate IV in Accounting and Bookkeeping or a Diploma in Accounting at a TAFE institution, as well as the relevant practical hours - his usually also ensures that they are qualified as an BAS agent as well. Some bookkeepers may have further additional qualifications too, so it is always important to discuss this with your bookkeeper before they commence work.
All Books Onsite bookkeepers are appropriately qualified, and are assisted by CPA-qualified Accountants where necessary.
This can be a tricky question to answer, as it depends on what you are looking for! What we mean is this - a small, 2 person business will likely look for something different from their bookkeeper than a 20 person business. But a few things you should look for in a bookkeeper are:
The friendly Books Onsite team can offer bookkeepers that offer the above and so much more - give us a call today!
Double entry bookkeeping is the process of recording transactions in a bookkeeping ledger and is something every bookkeeper will complete at some time or another.
Double entry bookkeeping can be best explained as for every debit there must be a balancing credit in the books of a business. For example, when a client pays their outstanding invoice, you would increase your cash balance in the bank account but also decrease your outstanding debtors (both of which are assets). Another example is when you pay your electricity bill, you increase your electricity expense in your books but also subsequently reduce your cash balance by paying the bill.
It may seem a little tricky - we know! - but that is why you have a bookkeeper to help you out.
