Identical to any other service provider, a bookkeeper in Port Melbourne faces challenges on a day-to-day basis when proffering services to their customers and clients. The 6 biggest challenges faced by bookkeepers are as follows:
• Understanding basic business operations: No matter the variety of customers and clients, a bookkeeper in Port Melbourne has to face the challenge of understanding basic business operations of each and every client. A bookkeeper can correctly enter the data and setup business transactions as best suited to the customer or client.
• Various kinds of Businesses: To be an experienced and effective bookkeeper, a bookkeeper will have to be able to face the challenge of handling a variety of customers and clients. This variety of customers poses a challenge as there will be various types of business entities, market segment, business types, and business setups to know and produce work for.
• Good Internal Controls: An experienced bookkeeper in Port Melbourne will also have to face the challenge of proffering good internal controls for a business and be able to help in discussing the correct treatment of business transactions for the customer or client. Their experience will allow them to help the accountant with this.
• Categorizing business transactions: Another big challenge for bookkeepers is the correct breakdown of receipts (customers) and deposits. Businesses have a propensity to just record the sum of a deposit rather than breaking down each and every deposit down by the customer payment. A bookkeeper will help out in correctly tracking the customers who have paid and the customers who owe.
• Collection of Receipts: A bookkeeper in Port Melbourne also faces some serious challenges when dealing with the proprietors of the business. Some of the owners make payments, make use of debit cards or credit cards and don’t properly maintain the receipt records. Bookkeepers have to nicely, but steadfastly, get those receipts for correct data entry & record keeping.
• Tracking down Cheques: One of the major challenges a bookkeeper faces with their customers and clients is to properly track down all written cheques. Many of the businesses still issue handwritten cheques and bookkeepers have to be able to request the info and the details of the payments while training the businesses as to the correct internal controls to make sure that no cheque goes unattended. Credit cards and Debit Cards make buying or paying for things extremely easy for businesses, but they pose a big challenge for any bookkeeper in Port Melbourne. The amount of business transactions and their correct data entry has turned out to be a big challenge for the bookkeepers. Also, bookkeepers must be very careful to differentiate personal from professional transactions with the credit or debit cards.
• Lack of speed on a keyboard: Earlier, it was a minimum of 60 words per minute on a typewriter while today it is more like 70-80 words per minute on a computer keyboard. This is what is needed by a bookkeeper in Port Melbourne. Speed and accuracy go hand in hand. No exceptions! During many interview processes, there is a speed test. If you’re slow on a keyboard, you most likely will not get the job.
• You cannot afford to have weak bookkeeping & accounting program skills: This is a true challenge for bookkeepers. A good bookkeeper can clearly see in their head how credits and debits are working. They know exactly how a balance sheet works and how retained earnings carry forward from every year. They can proficiently troubleshoot postings errors and they live the details of a general ledger. Therefore, take your time and think about this one. This is one huge challenge of being a bookkeeper in Port Melbourne.
• Not ‘out of the box’ thinkers: This is an extremely important trait to have in a bookkeeper. If you don’t it is a serious challenge for you. Each and every file is different. An absolutely different Chart of Accounts and a completely different way of doing things per file. You cannot live by a textbook system you know. Thus, a bookkeeper in Tullamarine must be a person who is not just comfortable with but likes change.