Sylvia Jaumann's Blog, page 2

Should You Start Your Own Bookkeeping Business?

Have you always said “Someday I want to own my own bookkeeping service”. Well why not now? The demand for good bookkeepers is at an all time high as more people make the leap into self-employment each year...This post is only available to members. Click on the article to register and view.

How to Fire a Bookkeeping Client Without Any Drama

Do you have a bookkeeping client that drives you absolutely nuts? He’s demanding and never gets his information to you on time. Every time you pick up the phone and hear his voice you just cringe. So how do you fire a bookkeeping client? Unfortunately, the old adage that the “customer is always right” is a major [...]

Five Personality Traits You’ll Need in Your Home Based Bookkeeping Business

Do you find yourself wondering if you have what it takes to run a home based bookkeeping business? Not everyone is able to work on their own and make a go of it. So, here are five personality traits you must have before you start your home based bookkeeping business...This post is only available to members. Click on the article to register and view.

Payroll Services for the Bookkeeping Business

I’m sure you’re well aware that adding payroll services to bookkeeping businesses is a practical option. What you may not be aware is that there are ways you can do it to make it even easier for you.

Not all bookkeepers enjoy doing payroll. With so many tax and employment laws that must be adhered to, payroll can be a huge burden for many bookkeepers...This post is only available to members. Click on the article to register and view.

Payroll Services for Bookkeeping Businesses

I’m sure you’re well aware that adding payroll services to bookkeeping businesses is a practical option. What you may not be aware is that there are ways you can do it to make it even easier for you.

Not all bookkeepers enjoy doing payroll. With so many tax and employment laws that must be adhered to, payroll can be a huge burden for many bookkeepers...This post is only available to members. Click on the article to register and view.

How to Convert Potential Bookkeeping Clients

Are you still struggling with how to convert potential bookkeeping clients into paying bookkeeping clients?  You know how it goes.  You spend so much time meeting with potential clients, then end up never hearing another word from them again.

I call these people “tire kickers” because they aren’t really sure what they’re looking for in a bookkeeper.  Many of them are just shopping around for the lowest price because they don’t know what else to look for.

Then, to add salt in the wound, there are the business owners who come to the conclusion that they can easily do the bookkeeping themselves.  They think that with all the great accounting software available today that it should be a piece of cake to take care of it themselves.  We both know that’s far from reality.  Convincing these people to hire you is challenging, at best.

It all comes down to this.  When it comes to finding a bookkeeper, business owners typically feel very intimidated.  They’re terrified of being scammed and of giving someone else access to their financial records.

So it’s up to you to convince the potential bookkeeping client that you are the best person for the job.  That’s not always easy as everybody has their own conversational style and sometimes important factors are not communicated as one would like.  Don’t forget, the potential client is likely feeling very apprehensive and probably not listening effectively either.

Make sure you come prepared with a few notes about your business to ensure that you cover all salient points in your meeting with the potential client.  Then follow-up afterward by email to thank them for their time and invite them to email or call you if they find they have additional questions.

However, not all potential clients are worth going after so the key is to ask your own questions to find out if they are someone you want to work with.  Some red flags to watch out for are businesses that are being audited by the government or people who are behind on their bills.  These can be very messy jobs that can ultimately lead to you not get paid for your work.  So proceed carefully and always request a retainer up front if you decide to take them on.

In conclusion, you’ll find that, when it comes to converting bookkeeping clients, most people will put off making a decision for as long as absolutely possible. Fortunately, people get more motivated around income tax time because they are forced to finally do something.  So hang in there and keep meeting with potential clients.

If you’d like a report that you can customize and distribute to convert potential clients into paying clients faster, you’ll want to check this out   http://startbookkeepingbusiness.net/plr-report

How to Open Your Own In Home Bookkeeping Service in 30 Days

Do you find yourself wishing that you had your own bookkeeping business and hating your current job? For years I was miserable working for bosses who never seemed to appreciate my valuable skills or pay me what I felt I was worth.

Then one day a light bulb went on after I met a self-employed bookkeeper who...This post is only available to members. Click on the article to register and view.

Are You Getting Paid for What You’re Worth as a Bookkeeper?

Did you know that most freelance bookkeepers are making between $20 to $50 per hour? What….you’re not earning that much yet? Keep reading and I’ll tell you how you can. There’s a huge demand for top-notch bookkeepers right now. A few short years ago many thrifty-minded employers were making the mistake of hiring anyone claiming to have […]

How To Learn Accounting: Practice Makes Perfect!

Are you a student who is struggling with how to learn accounting?  If you are, you most likely know very well that there’s a huge difference between learning from a textbook and actual real-world accounting.  Many beginner bookkeepers struggle with their self-confidence when it comes time to find a job in their field.

This is due to the way most accounting courses are structured.  Typically, the student works their way through a course and only tackles each topic individually, rather than learning in a more linear fashion.  This means starting a set of books from scratch and dealing with every aspect of accounting that typical bookkeepers encounter as they work on a company’s files.  In other words, “doing” versus “learning”.

So what are the benefits to the student when learning accounting this way?

You get to discover all the “tricks” that most textbooks don’t explain.  For example, what you need to do when you are missing some paperwork.


You get to see the “big picture”.  Typically, it makes more sense if one can see what they are doing step by step rather than just doing smaller portions of bookkeeping.  For example, you’ll notice any glaring discrepancies on the financial statements much faster if you have actually posted all the transactions yourself.


You can improve rusty accounting skills.  If you have not done any bookkeeping for a very long time and need to polish your skills in order to gain enough confidence to apply for a bookkeeping job, then being able to practice becomes critical to your success.


You get to feel like you are doing real-world work rather than just make-believe bookkeeping.  This helps give you the confidence to take on actual bookkeeping work sooner rather than having to struggle at a new job (and potentially embarrassing yourself.)


You can expand your range of bookkeeping skills.  If you only have experience in certain areas of accounting (Accounts Receivable, for example) you can practice doing a set of books from start to finish to get the experience you need before applying for positions as a full-charge bookkeeper.


You get to practice on different types of companies.  Since individual businesses have specific accounting requirements, you’ll want to make sure you understand what needs to be done.  For example, corporations require you to post to a Shareholder account while a proprietorship has an Owner’s Drawing account.

Sadly, most accounting programs don’t have sufficient sample companies available which makes it difficult to fully practice your skills in accounting through typical college courses.  So if you truly want to know how to learn accounting, you’ll need to practice using sample companies that you create yourself.

 

Find out how to learn accounting by practicing on four companies at “BookkeepingSkillsAcademy”.   You’ll learn how to handle a set of books from start to finish using real-world companies.  Developed by a bookkeeper with 20 years of experience, check it out today for only $7.00:

http://bookkeepingskillsacademy.com

 

 

Bookkeeper Duties Checklist: Are You Bookkeeper Material?

What does a bookkeeper do? This is a question I get asked all the time and there’s no simple answer. Bookkeepers have a lot of responsibilities.

For many people there is a lot of confusion between bookkeepers and accountants. On the surface, it seems like the same job because both jobs require dealing with the finances of the company. I often get called an accountant even though I’m a bookkeeper.

A bookkeeper’s duties involve more of the day to day aspect of a company’s books, whereas an accountant generally only looks at the books at year-end to do adjusting entries and the tax return.

So to clarify bookkeeping, here is a list of things a bookkeeper does on a monthly basis:

Bank Reconciliations

Every month the bookkeeper goes through all the deposits and withdrawals that went through the bank and reconciles them to make sure everything balances. This is one of the most important jobs for the bookkeeper because if there’s any fraud happening, the bank account will usually be the first place that it appears.

Payroll

Depending on the size of the company, one of the bookkeeper’s duties will involve doing payroll for its employees. The bookkeeper needs to be familiar with government regulations regarding deductions as well as laws pertaining to employees. Many times an employer is not familiar with these laws so it’s up to the bookkeeper to inform them to avoid potential legal issues.

Accounts Payable

The bookkeeper usually handles keeping track of vendor invoices that come in and pays them before they are due. Depending on the size of the company, sometimes the owner will do this himself and the bookkeeper will just post these paid invoices at month-end while doing the bank reconciliation.

Accounts Receivable

In order for a company to thrive, it must have an income. So a bookkeeper’s duties usually involve posting the accounts receivable in one way or another. Some companies invoice clients and others receive cash that must be tracked and deposited. Many times tracking daily cash sales involve using spreadsheets.

Inventory

If a company’s business involves inventory, it’s up to the bookkeeper to keep track of it in the accounting program. Inventory is affected by purchases the company makes as well as the income the company generates. Periodic inventory counts have to be done to make sure that everything balances so adjustments can be made.

That’s the basic list of things a bookkeeper does. Some companies are so large that they have different people handling various aspect of each bookkeeping job on a fulltime basis. Other companies are so small that these jobs can be easily done in a few hours a month.

NOTE: If you need to sharpen your bookkeeping skills, there’s now a new bookkeeping practice course available where  you can do just that.  Find out more here.

 

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