What Is Included In A Bookkeeping Service?

What is included in a bookkeeping service depends on the provider and the needs of the business. Common bookkeeping services include recording income and expenses, bank reconciliation, accounts payable, accounts receivable, invoice management and maintaining accounting software such as Xero. Some bookkeepers also provide payroll, reporting, catch-up bookkeeping and BAS-related support. 

Bank reconciliation is often a core part of bookkeeping because it helps confirm that transactions recorded in the accounting system match the business's actual bank activity. Accounts payable involves keeping track of supplier bills and payments, while accounts receivable involves managing customer invoices and payments. Payroll bookkeeping can include recording wages and maintaining payroll transactions in the accounting system. 

For businesses using Xero, bookkeeping can also involve reviewing bank-feed transactions, matching payments and maintaining the chart of accounts. When engaging a bookkeeper, it is important to ask exactly what is included rather than assuming every provider offers the same service. You should also establish how frequently work is completed and whether additional services such as historical catch-up bookkeeping are charged separately. 

Young Guns Bookkeeping provides bookkeeping services to Melbourne small businesses across areas including Xero, reconciliation, payroll, accounts payable and accounts receivable. The appropriate service package depends on the business's transaction volume and requirements. A professional bookkeeping arrangement should leave the business with financial records that are current, organised and easier to understand.