Bookkeeping business is a type of business which provide service for keeping records of financial transaction. Analysing and interpreting the records will help the business owner to make decision, government use it for tax payments and Investors or lender make use of this data for critical decision on investment plan. Many people still think the bookkeeping is a complex work and time consuming job, in spite of various software are available now a day to help them in bookkeeping, they would rather contract a service this to a third party. So, this is high time for starting your own bookkeeping business due to demand, this can be started by an individual or a business owner.
There is always a investment for starting a business, but this bookkeeping business requires a little investment compared to another business. There are various duties which are tender by a bookkeeper are keeping track of the income and expenditure, bank account reconciliation, take stock of inventory, provide financial advice to clients, know when loan repayment is due to avoid penalties, keep records of all accounts receivable and payable and prepare financial statement periodically like, monthly, quarterly and annually. The industry is projected to grow by a compound annual rate of four percent over the five years through to 2018–2019 to earn $19.9 billion.
Writing a business plan helps to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made. Register your business and create a website for targeting the online customer, Search for people who needs bookkeeping service through social media accounts and improve your analytical skill and knowledge on various trends and changes in the industry.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a bookkeeping business plan are given below:
General Manager, Audit consultant, tax consultant, IT Consultant, Legal Consultant, Senior Accountant, Senior Auditor, Accounting Officer, accounting staff, HR Officer, Marketing Officer.
Strategic Management, Performance Management, Risk Management, tax management, finanacial management, managerial accounting management.
A computer, Bookkeeping Software, Calculators, Business Cards, Internet Subscription, Photocopier, Fax machine and Scanner, A business Telephone, Paper, pens and other office supplies.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
International Association of BookkeepersSuite 5, 20 Churchill Square,
Kings Hill, West Malling, Kent,ME19 4YU, United Kingdom
Canadian Bookkeepers Association482-283 Danforth Ave
Toronto ON M4K 1N2
Australian Bookkeepers NetworkLevel 3,
15 Dennis Rd,
Springwood QLD 4127
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