First off, we’ll cover some basic bookkeeping services pending your experience. If you’re a bookkeeper. There’d be some basic things you can do like data entry recording cash receipts limited accounts payable and accounts receivable work.
But this would not include complicated things like account reconciliations and financial statement preparation and if you are a full charge bookkeeper.
A full charge bookkeeper and an accountant.
A full charge bookkeeper would be independent they wouldn’t be an employee and they wouldn’t necessarily have to work every day for the business. But they would also not necessarily be responsible for the payroll taxes of their clients and having an independent bookkeeper is pretty good. because they’re independent and they’re going to be looking out for your business.
Where an employee might not have that independent third-party view on your company and it says a bookkeeper is making money off your business. They’re going to be more invested in making you profitable and a bookkeeper can work monthly quarterly or annually depending on the number of the transactions of the clients.
If their monthly then the client probably has a bigger budget and more transactions to record and reconcile if it’s quarterly. Then they’d have fewer transactions in annual would have even less and the person would probably have less of a budget. They might be more manual they might just have receipts in physical invoices and if you’re a full charge bookkeeper you would be in charge of preparing your client’s financial statements.
Most of the time and some of these financial statements include a balance sheet monthly profit and loss statement orderly profit and loss you’re to date profit and loss a work in progress or job profitability report cash flow forecasts Budget Report working trial balance.
Accounts Payable aging accounts receivable aging some payroll reports and general ledger reports and as far as accounts payable gold. This would include preparing 1099s working on vendor payables purchasing and inventory and if they’re doing accounts receivable work, they would work on things like invoicing collections and deposits and cash receipts.
They could also work on payroll bank reconciliations loan and credit reconciliations you’re in accounting processes sales tax returns premium tax return budgeting cash flow projections and other financial projections. Bookkeepers can do this either at the client site or off-site and it just depends on how the client has their data.
If you’re on-site then you’re probably dealing with the client software and you might be looking at their physical financial records. Whether the client’s goanna stays at you in the mail or your goanna have access virtual as far as payroll services. It’s one. of the most spoken about bookkeeping services out there it’s because everybody loves you right.
But payroll services would include working on payroll tax deposits preparing quarterly and annual payroll tax returns and the forms for the pay road turns would form 940 form 941 w-2s and w3 and other state and local payroll taxes. It would also work on workers’ compensation reports and filings the bookkeepers could also help process payroll.
Checks each pay period and they could also work on time tracking for construction jobs another type of service. That bookkeepers could offer is tax preparation services they could prepare personal tax returns for the business owner or just individuals. They could prepare business returns estimated tax payments partnership tax returns and corporate tax returns bookkeepers could also offer some other services.
That isn’t necessarily obvious they could provide consulting services they could provide consulting work to their clients like advising on document storage. Most specifically related to financial document storage could advise them on moving their information into the cloud more secure information management. They could also recommend bookkeeping software for their clients another thing that bookkeepers could offer is budgeting services clients need to understand.
If they’re spending too much money and budgeting services can help them understand these bookkeepers could also help see if their sales projections are in line with expectations.
if they’re under budget and you could also help them budget for their tax liabilities and bookkeepers can also offer cash flow projection services cash rules everything and bookkeepers can help their clients understand.
How much cash flow?
They’ll have on hand and additionally, investors often rely on cash flow information another service the bookkeepers could offer is tax planning.
that could help their clients minimize their tax bill every year and this is in addition to tax return preparation services and the last service. We’ll speak about is personal services they could offer personal financial services for their business owners. Because business owners don’t only need help with their business, they also need to keep their personal books in order and sometimes it makes personal with business and a bookkeeper to help them split.
https://account-ease.co.uk/payroll-services-in-uk/
https://account-ease.co.uk/