If you own a small or medium-sized business, you're likely juggling multiple responsibilities at once. If you're struggling to stay on top of your accounts, you may find it more beneficial to outsource this job to a bookkeeper. If bookkeeping is an unfamiliar prospect to you, read on to learn all about the different types of accounting management offered as part of this service.
GST
Goods and Services Tax (otherwise known as GST) is a type of Value Added Tax (VAT) which is remitted to the government following being paid by the customer. It is placed on most goods and services which are sold for domestic consumption, so everything from children’s toys to makeup products. Very little is exempt!
As a business, you will be required to cover the price of GST by adding it to the cost of your items when you sell them. Hence, our bookkeeping services will allow you to add GST to your products easily, as we will calculate the sum to be applied to your wares and log all transactions so that your business doesn't fall behind with any owed taxes of this kind.
Payroll
Your payroll is the mass expenditure on wages and salaries incurred by your business in a total accounting period, incorporating both your employees’ payments and their taxes.
It's important for payroll bookkeepers to manage sums by dividing the total number into the different kinds of payments your employees receive, such as pension contributions and subscriptions to other schemes or unions, which can ensure your accounts become more organised and money is handed over on time.
Cashflow
This is the aspect of bookkeeping that concerns the money that comes in and out of a business, essentially tracking every payment that is made and then logging it in a computer program which allows accountants to decipher trends in the company’s overall financial health. This is essential if a business is to run responsibly, as a bookkeeper can advise when the accounts are not looking stable, or if there have been any major changes to the nature of the typical money transfers.
Cashflow management also involves basics such as liaising with customers and suppliers, processing bill payments and ensuring these are dealt with on time, and recording receipts so that they are not forgotten about by management.
Reporting
One final aspect of our service is the act of drawing up reports. These keep you in the know about your financial health by alerting you to profit and losses. Bookkeeping accountants can also provide you with balance sheets – a summary of the financial condition of your company – so that you are never left in the dark when it comes to evaluating your monetary decisions.
Here at Early Bird Accounts, we can provide you with a helpful, experienced bookkeeper for your own business. Just contact us through our website for more information.
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