Bookkeeping is the process of recording and categorising your business income and expenditure
Maintaining your books whilst running your business can become a very time consuming task. A good bookkeeper can manage your accounting systems and produce for you vital decision making information. By hiring a bookkeeper, you can rely on their expertise of accounting and expect that accounting policies are adhered to.
Bookkeeping can be done by business owners themselves if they are confident enough to do so, however business owner should consider cost-benefit before start doing bookkeeping.
Hiring a bookkeeper gives you the added responsibility of being an employer, you need to produce payslips every month and need to find cover when the employee is away or sick. By outsourcing your bookkeeping you have the assurance of a whole team working for you therefore less chance of errors and loss time.
Investing in bookkeeping software such as Xero, MYOB, Reckon One, Quickbooks can be useful, providing you have a right knowledge and equipment.
Experienced bookkeepers tend to range between $65.00 – $125.00 per hour depending on the knowledge required to carry on with the job.
Being self employed means working for yourself. You invoice your clients and they pay you directly. You must account for your own national insurance and tax and submit a tax return every year.
A limited company is a separate legal entity which is run and controlled by the director(s). The director is given the responsibility of carrying out the day-to-day transactions of the company and accounting for what takes place.