Online Bookkeeping Services for Small Businesses in Australia

Bookkeeping services are one sector of Finance Accounting. Online Bookkeeping Services are provided in all forms and shapes but the basis of it is the same.

Bookkeeping services include

• Keeping track of all Transactions in the Business,
• Bank Reconciliation,
• Preparing Financial Statements,
• Balancing the Accounts, and
• Proceed Payroll.

Online Book Keeping Services

Nowadays, Bookkeeping services could be done remotely or face to face. Keeping track of all transactions comprises daily income totality, any expenses, or purchases from the fund of the business. At the end of the month, the bookkeeper will check and balance each transaction with the relevant bank statement, to ensure the numbers are matching.

Every now then, the business owners or stakeholders may want to know where the business is at, this can be shown thru financial statements.

Three main types of financial statements are:

• The Balance Sheet,
• Profit and Loss, and
• Cash flow Statement.

The balance sheet shows all the assets, liabilities, and owner equity of the business. Assets may comprise cash, tangible assets such as cars or buildings, and intangible assets such as patents, trademarks, and logos. Liabilities could be loans, creditors, rents and owner equity are the fund that the owner(s) puts in to start the business.

Balancing the account means all of the total assets will always equal the sum of liabilities and equity.

Payroll could be considered a separate section if the number of employees is over 20. In Australia, each type of employee has its owner requirements and entitlements. For example, in September 2021, all of the casual workers who work with a business for over 12 months on the same roster should be offered the conversion to full-time or part-time if they wish. The hourly rate of each industry is different could make the payroll become a part time job.

Online Bookkeeping Services are one of the most needed services as it is a core of each business regardless of their size. Brydan Woods offers a wide range of online bookkeeping services for Small Businesses in Australia but is not limited to other states and territory in Australia.