Bookkeeping Services In Melbourne

By Author: Steve Anderson
Total Articles: 7
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No doubt, maintaining the accounting books is no less than a headache. An option is to hire the professionals who can provide you error free books at the end of every month. Read on the article to know about such professionals.

Every business has to deal with the issue of maintenance of proper books of account. Maintaining of proper accounts is necessary not only for filing of returns with the tax authorities but for the continuous monitoring of the health of the business. From the books of account, a business draws up statement of account, which normally include a statement of financial position and a statement of income. While the statement of financial position gives the assets and liabilities of the business as on a particular date, the latter statement gives the result of operations for the year, that is, the profit or loss earned in the period. In addition a statement of Cash Flows may be drawn to monitor the inflows and outflows of the cash and bank balances.

Maintaining accounts and advice on accounting issues are generally handled by any of the following persons:

Accounts clerks handle a wide range ...
... of duties like handling disbursements to suppliers, management of expenses, reconciliations, communicating with external clients and suppliers etc.

Bookkeepers are the professionals who can handle the maintenance of accounts. They are proficient in entering all the voucher and invoices into the accounting systems or software. Some may also be able to analyze financial statements and handle the payroll function.

Qualified accountants including members of CPA Australia, The Institute of Public Accountants Australia, and The Institute of Chartered Accountants in Australia. They are technically qualified persons who have completed a courses in auditing and assurance, management accounting and analysis, financial accounting and reporting, taxation, ethics and business application etc. Accountants provide services of auditing, taxation, forensic accounting, maintaining financial records, reconciliations and financial reporting.

In a smaller business the workload in the accounting department may not justify employment of all the above categories of people. Hence the roles of accounts clerk and bookkeeper may be combined with a single person handling the entire responsibility of maintaining accounts. The functions of auditing and taxation and filing of returns may be done by the qualified accountant engaged for the purpose.

Another option open to small businesses is to outsource the entire function from maintaining books to auditing and filing of returns to a qualified accountant. This is advantageous as the businessman can free up time to concentrate on running the business. However, in such cases a cost analysis must necessarily be done. This is because the qualified accountant will charge the entire job at fees relevant to a qualified accountant whose fees are much higher than a bookkeeper or accounts clerk.

A businessman must however not concentrate on savings of costs alone as this may prove to be the greatest cost. A wrong decision or error of judgment could be disastrous. Generally a qualified accountant who charges more, does so not only because of his qualification, but also due to the demand for his services considering his expertise and the results shown. The best thing to do is to inquire with various bookkeepers and qualified accountants and compare both the rates and the services promised. Choose the best accounts and advice bookkeeper Melbourne after inquiries and interviews.

The author of this article is associated with AccountsandAdvice, a renowned organization providing bookkeeping services to the people.