For a Professional Bookkeeper VA
The contemporary method of bookkeeping involves having your bookkeeper work remotely using supplier bill processing software that uses optical character recognition to scan PDF documents and extract the supplier name, invoice number, invoice date, amount, GST and currency. Instead of the bookkeeper needing to manually enter all of this information, they hardly need to do a quick check to ensure that the software has extracted the correct information, after which the data as well as a copy of the source document, are pushed into your cloud accounting software. This means that supplier bills are stored in the software and no paper filing is required. If a copy is needed, it can be downloaded and printed and the original remains.
Less labour is required and this can be done on a daily basis in very little time, this also means your data file ends up being much more up to date because your bookkeeper can log in and perform work when needed. Obtaining reports such as your Profit & Loss and Balance Sheets can be run much more frequently, giving the business owner greater and more frequent insights into their business performance.
Bank reconciliation can happen on a daily basis as bank feeds automatically import yesterday’s transactions every morning. This saves having to log into Internet banking to find out which customers paid you the day before.
Using the Best Accounting Software
Using up to date cloud software gives you the flexibility to use your accounting software on any device with an internet browser. Invoices can be created on an iPad and issued to your client in real time. It is also no longer necessary to do software upgrades, as the software lives in the cloud, much like Google Mail or Hotmail. Superannuation rates and tax tables are updated automatically too.
In addition, Xero or Myob accounting software has enormous flexibility for add-ons. This means that data that is often duplicated in another software package or an Excel spreadsheet, can be connected to Xero or Myob, eliminating duplication and redundant data. For example
- a retail shop or restaurant may need to roster staff, have staff clock on and off securely and have automation in place for interpreting awards to correctly pay the right loadings and penalty rates to simplify payroll;
- a tradie might need a software package that sends automatic reminders at specified intervals chasing overdue invoices automatically;
- a construction company might need to be able to quote jobs, track their sales pipeline, create and track jobs, including expenses and labour costs to subsequently bill clients in an accurate and timely manner;
- A manufacturer might need to handle inventory, ingredients with batches and expiry dates and manage the sales of these products.
All of these solutions and more can be linked to Xero or Myob accounting software, driving enormous back-end efficiencies, not only in your bookkeeping, but also your administrative overheads. Let our VA's handle your bookkeeping needs today!