Global Bookkeeping Week - a peek into the Universe of Bookkeeping.
What is Global Bookkeeping Week?
Well for one whole week the spotlight will be on bookkeepers across the world, celebrating the business-boosting work they do, keeping all our numbers balanced.
Global Bookkeeping week is also about the all-round benefits of choosing bookkeeping as a career, it is now a career which can fit around your family life, you can study to become a bookkeeper online and there are associations which fully support you with both your study and starting up your own bookkeeping business, as well as many accountants who are screaming out for bookkeepers.
In our current era of the move to everything going digital as well as all the changes in the financial world, with the pandemic and crazy weather events all over the planet, bookkeepers are our unsung heroes of the business world. Our bookkeepers are the meticulous minds behind the scenes, ensuring everything is recorded, processed, accounted for which can help ensure a business's financial success not to mention compliance.
As we celebrate Global Bookkeeping Week, let’s remember our bookkeepers and appreciate the huge job they do!
Behind the Scenes of Bookkeeping - Have you ever wondered how the magic happens?
Bookkeeping provides a much-needed framework for organizing and managing financial records, ensuring that every dollar is accounted for and every transaction is meticulously documented.
By implementing effective bookkeeping practices, either learning to do it properly yourself, or investing in a bookkeeper, businesses gain a clear understanding of their financial health, allowing them to make informed decisions and plan for the future. Whether it's tracking income and expenses, preparing tax returns, or analyzing financial statements, accurate bookkeeping is the foundation upon which financial success is built.
This is how the bookkeeping process works ⬇️
Recording Transactions: This is the core of bookkeeping. Every financial transaction, whether it's a sale, purchase, or expense, needs to be recorded accurately.
Reconciliation: Bookkeepers ensure that the financial records match the bank and credit card statements, identifying and rectifying any discrepancies.
Financial Reports: They generate financial statements, including the balance sheet, income statement, and cash flow statement, providing a snapshot of a company's financial health.
Tax Preparation: Bookkeepers prepare the necessary documents and records for tax purposes, making sure the company complies with tax laws.
A day in the life of a bookkeeper with one of our bookkeepers - Hannah: 👩🏽
1. Data Entry: Hannah diligently enters all the financial transactions from the previous day into the accounting software. This step requires precision to ensure all records are accurate.
2. Bank Reconciliation: She logs into the company's bank account, cross-referencing it with her records. She identifies any discrepancies and resolves them promptly.
3. Financial Reports: Hannah generates monthly financial reports, allowing the company's management to make informed decisions based on the numbers.
4. Client Meetings: Hannah often meets with clients to discuss their financial health and answer any questions they have. This personalized touch builds trust and rapport.
5. Continuous Learning: To stay up-to-date with the latest accounting standards and software, Hannah dedicates time to ongoing education and training.
Bookkeeping is far more than just a mundane task of number-crunching.By implementing effective bookkeeping practices, businesses gain a clear understanding of their financial health, allowing them to make informed decisions and plan for the future. Whether it's tracking income and expenses, preparing tax returns, or analyzing financial statements, accurate bookkeeping is the foundation upon which financial success is built.
Why Choose Bookkeeping as a Career?
Most of Our Team here at Counted started their careers as bookkeepers. Rachel, Jade and Debbie have gone on to be accountants, Kelly moved into Digital Media and Hannah is just starting her career as a bookkeeper. It's a great skill to learn which transfers over into your own life, managing your own finances or starting your own business, as well as teaching your children and grandchildren the processes of good record keeping.
Why should you consider a career in bookkeeping?
1. Steady Demand: In a rapidly changing business landscape, the need for skilled bookkeepers remains constant. Every organization, big or small, requires someone to keep their financial records in order.
2. Flexibility: Bookkeeping offers flexibility in terms of work arrangements. You can work as a freelance bookkeeper, for an accounting firm, or even start your own bookkeeping business.
3. Career Growth: As you gain experience and knowledge, you can climb the ladder in the financial industry. Many bookkeepers carry on with their study to become accountants, or take on roles in financial and or business management.
4. Valuable Skills: The skills you acquire as a bookkeeper, such as attention to detail, organization, and financial analysis, are highly transferable. They can be valuable in various other roles and industries.
In the words of Benjamin Franklin, "By failing to prepare, you are preparing to fail." Don't let your financial records remain in chaos any longer.
Contact Counted today for all your accounting, bookkeeping, and digital media needs. We're here to help you achieve the best outcome for you and your business.
Global Accountants Day
This week we also celebrate Global Accountants day which is the 10th of November each year. Let's take a moment to celebrate all the work that our accountants do behind the scenes in our businesses. Without them we can't make informed decisions about the next steps in our business.
Here at Counted we have 3 accountants - our Director Rachel Wilson, Jade Cox and Debbie Williams who is currently in the process of coming on board with us!
At Counted we are super proud to be Accountants in NZ and also to be a part of ATAINZ. ATAINZ is the Accountants and Tax Agents Institute of New Zealand. Being a member of ATAINZ means we have the support of a growth minded network for our business, with ongoing training and professional development at our fingertips.
Accountants play a pivotal role in businesses and organizations by providing invaluable financial insights, ensuring compliance with tax regulations, and helping management make informed decisions. They are the guardians of financial stability, guiding companies toward growth and success while maintaining transparency and accountability. Where would we be without our accountants!
