One of the most common scenarios is to have a part-time bookkeeper come into your office on a regular basis. Sometimes once a week is sufficient, sometimes there is enough work to be done that 3 times a week is necessary. Regardless of how often it is, the accountant/bookkeeper will come in and record all the activity that occurred since the last time they were in. The client information rarely leaves the office and the work is all done at the client site.
Another common approach is for the business to mail all of their information into the bookkeeper’s office to be done there. This is most often on a monthly basis, so the monthly bank account can be reconciled. For this system to work, the business owner must not need their records to be up to date at all times. This will also not work well for a business that has a lot of activity each month. For a really busy client it is better for the bookkeeping to be done on a more regular basis.
There is a variation of the monthly off-site system that works well for some clients that need updated books more often than monthly, but still don’t need or want a bookkeeper coming into their office. It involves the client sending their information to the accounting firm via mail or over the internet weekly. The accountant will update the accounting system and send the client updated reports.
Another way to do this is to have the accounting software available to both the client and the accountant over the internet. The client inputs some transactions and the accountant fills in any missing information and makes sure the accounts are kept accurately at all times. This is probably the best type of system but it is also the most difficult to implement and the most costly. It usually involves some type of third-party hosting of the accounting software.
As you can see, there are many different ways to implement a bookkeeping service into your Parramatta business. One of the systems mentioned above is sure to fit the needs of your business. It all depends on how often you need your books to be updated and how much you are willing to spend.
A good Xero Parramatta accounting firm will offer all of these different systems as an option for you. If they are not willing or able to do so, you may want to ask them why and consider finding a firm that will.