If you are looking at setting up a home bookkeeping business, you need to have some bookkeeping experience.
You may have been working for a boss doing bookkeeping and office management for a number of years and have decided to become your own boss. You should have experience in an accounting software package like MYOB or Quickbooks.
Working from home will feel very different, especially if you’ve been an all rounder in the office and used to doing everything, you probably need to carefully consider where you should limit your services.
Here a some tasks that a bookkeeper may be expected to undertake:
- If you bring documentation home, you will be responsible for clients’ filling and keeping it in your home office
- You may be asked to visit your client and collect paperwork (sometimes in a shoe box!!) and bring it home for processing.
- Some duties will include payroll, receivables, payables, BAS, GST, etc.
- Some clients may ask you to pay their accounts payables and chase their receivables, others may just need you to simply do their data entry
- Depending on the relationship up have with your client clients, you may charge COD or send them a tax invoice with a certain time to pay it
- You’ll need to have an ABN
As a bookkeeping service you may decide to specialise in assisting small to medium sized business in meeting their GST and BAS obligations, as well as providing a full range of bookkeeping services (accounts payables and receivables, payroll, end of month and end of year financial reporting).
There are bookkeeping services that also provides extras – a full range of secretarial services from typing letters, writing business reports and proposals, general office duties. They either go to into the client’s office or take the books home, usually once a week but more if required.
We offer onsite/offsite bookkeeping, data entry and reconciliation, setup and training of client’s MYOB or QuickBooks, BAS preparation, payroll processing and PAYG summaries, regular management reporting, profit and loss, software upgrades and data.
How you charge clients?
There are quality companies in other industries charge COD at least three times before asking clients to fill out a credit application form asking for two trade references. Once their good credit rating is verified, you could put them on account. It will look professional for you to be strict.
A lot of your duties will vary from client to client – it could be that you offer basic services and then charge for “luxuries” like chasing debtors!.