Frequently Asked Questions
Book-keepers provide a range of services to businesses and freelancers. These include:
– Keeping track of income and outgoings
– Managing invoices and overdue payments
– Budget and cash flow planning
– Management accounts
– Managing payroll
Why spend money on software when you don’t need to? Book-keepers will invest and maintain accounting software at their expense and create a dedicated database for each of their clients
Simply to send across all relevant accounting related documents including invoices, receipts, bills, bank statements, petty cash statements etc. The book-keeper will do the rest.
The team leader is regulated and qualified as a Chartered Management Accountant, UK with proven industry experience in managing financial accounts. All team members are qualified and experienced to handle full sets of accounting records
Reports that are in accordance with the standards set by the International Financial and Reporting Standards which includes Balance Sheet, Statement of Income and Expenditure, Statement of Cash Flows and other bespoke schedules as required by the customers.
No, this is not the role of the book-keeper, however commonly the book-keeper will work closely and liaise with the auditors whenever the accounting records need to be audited for regulatory compliance purposes.
Not usually, however they can act in the capacity of consultants on a case by case basis, depending on the jurisdiction of the customer.
Essentially a Balance Sheet is a statement to show what the company OWNS and what it OWES. Typically, at a very basic level it owns assets and owes liabilities to its shareholders and creditors.
At a basic level, the answer is NO. However, at a more advanced stage the book-keeper records all sales, purchases and expenses, and the accountant will have the skill set to subjectively look at the data and understand what it means to a business and consult with the business owners.
Book-keepers need to be honest, accurate and Up-to-Date in recording the data, quickly identifying any mistakes (if any) and reporting the results to the business owners. Also conducting themselves according to the rules and regulations stipulated in the accounting standards as well and the ethos of the company they are providing their services to.
Typically for reasons of cost and maintaining continuity. Businesses, especially start-ups and small/medium size enterprises do not need to have the burden of “maintaining” an employee, paying his salary and other benefits, worry about any disruption when he/she is on vacation, replacing him/her in the event of termination etc. External book-keepers will serve their customers around the clock.
