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The difference between mark up and margin is often confusing to people. We include this level of analysis in the Daily Transactions course in MYOB & Xero. lnkd.in/fmf5iq6
How easily could you replace your bookkeeper?
WHETHER YOU USE A contract or remote bookkeeper, it’s crucial that they keep your bookkeeping in good order. If you ever have to replace them, you don’t want to be redoing your entire bookkeeping system.
So what are some ways that bookkeepers can work, and what can they include in their bookkeeping, that makes it easier for someone new to pick up the reigns? Let’s take a look:
Use the correct codes and descriptions
According to Western Australia-based bookkeeper, Deb Crompton, you should always ensure your bookkeeper selects the correct code and account for each and every transaction. They should also include detailed descriptions or memos of the transaction in each entry.
This will allow the replacement — or relief bookkeeper, if your usual one is sick or takes holidays — to conduct a simple transaction search to see how similar transactions have been recorded.
Ensure software subscriptions are in your name
There are a lot of bookkeeping firms that include, as part of their monthly retainer, the cost of a subscription to Xero, QuickBooks or whichever accounting software you’re using. This is usually because the bookkeeper earns a small margin of the fee by holding it in their name.
Most of the time, there aren’t any problems, but there could be if, for any reason, you decide not to use the services of that bookkeeper anymore, and they still have control over your software subscription — the subscriber has to give permission for a subscription to be transferred.
A smarter idea is to subscribe to your accounting software in your name, no matter how easy it seems to go through your bookkeeper.
Need a qualified bookkeeper?
Is your business in need of a reliable bookkeeper to manage your daily or weekly bookkeeping and accounts, either remotely or in-person? Would you like to find someone with tertiary qualifications and the practical experience of having operated her own business in the past?
Our National Bookkeeping website has recently gone through a significant upgrade. Visit National Bookkeeping to find a suitable and experienced person available to work in your area, or able to work anywhere in the cloud.
Or if you are a bookkeeper looking to expand your client list or find contract work, you can register and become part of our network for free.
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