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Post Info TOPIC: Daily, Monthly Routine


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Daily, Monthly Routine
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Hello Everyone!
My name's Ben, I'm new to the forum and just wanted to say how grateful I am that it exists!

Apologies if my question is a bit trivial but I hope everyone can understand why I'm asking.

I've been studying bookkeeping for about 12 months with a view to securing an in-house bookkeeping position... however, as I have no real world experience some of my studies are a bit abstract...

So, in a nutshell I would like to know:
1. What is your daily routine ie what tasks do you carry out on a daily basis and specifically is there a reason you complete those tasks at that set time?
2. Same question but in terms of monthly routine.

The more detail the better Thanks in advance to any kind souls that can help.

Ben



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Master Book-keeper

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Hi Ben
Welcome to the forum. Not got time to answer your question at the mo, just too busy, sorry. So will leave that to the good folk around here. But just wondered who you are studying with and what it is you do now?

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 Joanne 

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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Master Book-keeper

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So what is it you are studying and who with? AAT? What level are you up to?

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



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Hello Joanne
I've been following the AAT/IAB syllabus - I'm considering whether to take the relevant exams administered by those associations or to simply proceed with the ACCA qualification once I'm confident my bookkeeping knowledge/skills are up to scratch.
Historically, I've worked in market analysis across a range of industries, so I have existing expertise in reporting and cost analysis... but as mentioned without real world experience in a bookkeeping function I feel like I lack an understanding of how some of the day to day tasks are administered.
Hope that sheds a bit more light,
Thanks,
Ben

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Master Book-keeper

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Hi Ben
I would suggest you consider doing just the AAT exams. Probably levels 3 & 4 would be the only ones required if you have already been studying at these levels - worth doing the skills test on the AAT website to see what it suggests as to a course level, but then use this as a steer for the exams. You will need a training company for a couple of the exams, but the rest you just need an exam centre as they are marked as you do them. Well they are until September time when all changes with the way they test what you know.

I know the exams cost a fair bit so this might be what is preventing you doing them, but if you want a job in the industry, without doing the ACCA or indeed as you progress through the ACCA then you are more likely to get one with the AAT under your belt. Im sure you will have read commentary on here and you only have to look at the job adverts to see that this is the case. Also - getting a job in an Accountancy practice to then progress your studies and training with the ACCA is not so easy without exams and without experience so having studied AAT it would be a shame not to have those letters after your name which could get you that opened in practice.

Day to day - thats a tough one as every single client is different. If you are just working at one company then a lot of it will be driven by the actual job you are taken on to do. Eg in some firms you will have layers of staff within the finance office/department with a Finance Director in charge, but you could also work for one where you have to do and know everything and report to the owners, with no finance director in place.

During your AAT you will have come across part of a module that expects you to put a list of tasks into priority order as and manage your workflows. All probably seemed a bit basic at the time, but in the event you work on your own you will still have to use such skills to manage the workpile.

Examples of deadlines  and some possible outcomes if late (randomly, sorry its not structured as Im still busy but having a 5 minute break!)  Note some of these are moveable depending on the size of the business. Eg Bank recs - some businesses do on a daily basis!

Daily/weekly

  • Issuing sales invoices in a timely fashion (or the company wont get paid in a timely fashion). Enter into software
  • Check and enter purchase invoices into software (if you dont keep up with this, it could impact on your VAt return not being correct, suppliers placing you on stop)
  • Raise queries to suppliers as paperwork received/deal with queries from customers as they occur 
  • Pay cheques/cash in (bank goes overdrawn and Bank stops payments if not done in timely fashion)
  • Payroll - collate info for weekly workers/process payroll and advise HMRC/ensure payments are made to staff  
  • Chase outstanding paperwork from owners/directors/other departments

Fortnightly

  • Undertake a Bank reconciliation (you may need to do this weekly if there are a lot of entries/close eye needed on cashflows)
  • Petty cash check and reconciliation and keying of entries (if done irregularly its harder to correct mistakes, find out about theft, run out of cash etc)

Monthly

  • Send customer statements  (if not you wont get paid!)
  • Credit control  (if not you wont get paid!)
  • Check incoming supplier statements -  raise instructions to pay via Bacs/online or issue cheques (if not done in a timely way you will be placed on stop and not get your supplies so worst case you have nothing to sell)
  • Collate expenses
  • Payroll - collate info for monthly workers/process payroll and advise HMRC/ensure payments are made to staff
  • Make payments of PAYE tax and NI to HMRC
  • Produce management accounts/compare to forecasts


Quarterly

  • VAT returns - submitted quarterly. Eg VAT return say 31 May - you get until 7th of July to submit and pay (unless its paid by Direct debit in which case you get an extra few days to pay). To produce the VAT return you need to have keyed all entries relating to that quarter.
  • Produce management accounts/compare to forecasts

I hope this gives you an idea of some of what is required and the possible impact of things not being done.  There is loads more, but like I say, dependent  on the type of business/industry/size/staffing levels etc



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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Master Book-keeper

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Hi Ben

I'd go the AAT route, especially given it's for employment purposes.  You can then progress to ACCA or CIMA

I can't answer your question though, as every day is different for me.  But based on what I do for one client, which is a monthly procedure.

Sort paperwork into date order. separating receipts and purchase invoices.  Record both into my bookkeeping program.  I then import sales invoices, which is given to me as a list, by converting to excel then using an input sheet.  Manually record all sales receipts to cash. Record all bank transactions. (If I have a bank sales receipt I will change the cash transaction, which I can do on the fly) I will reconcile the bank, l then go through each ledger, and match off as much as I can. I will then email client with any queries that have arisen.



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John 

 

 

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Master Book-keeper

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Has that helped but it into context?

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Leger wrote:

I then import sales invoices, which is given to me as a list, by converting to excel


Morning trouble,

Just out of interest, what bit of kit do you use to convert them to excel?  is it that one Shaun mentioned ages ago, which I haven't written down and now definitely need to get!?!! 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Morning Joanne smile

Its the one Shaun recommended. it's called Wondershare PDF element.  https://pdf.wondershare.com/pdfelement/

I used to have a free one on my old computer which was really good, and I was going to recommend it at the time.  Unfortunately, it now contains malware (my version didn't for some reason)



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John 

 

 

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Morning Joanne,

the software is Wondershare PDFElement and I'm still using it quite a lot.

One issue is that if say you you have a 900 page PDF document when it goes through the converter each page is created as a new worksheet within the same workbook so there is a manual element of copying and pasting into a single sheet (still MUCH etter than typing it all in from scratch).

I know that you can write an Excel Macro to merge all of the pages and I've had a go in the past and will do again when I have time but first time I hit all sort of issues with the merge.

One of those things isn't it where there is the chance that you could automate something in the same time that it takes to doing it manually but you know that doing it manually it will work where one may get stuck in the automation and just lose that time.

I will go back to that when I have time (Really need a groundhog day at the moment in order to get ahead of everything I need to be doing).

Now for the bad news. I've just been back to the Wondershare site and the price of their software has gone up quite dramatically.

www.wondershare.net/shop/buy/buy-pdfelement.html

One needs PDFElement + OCR which is now $90 where I paid under $50 (at a far better exchange rate) just a few months ago.

See here for the full details from the original thread : www.book-keepers.org.uk/t61670338/ocr-scanning-software/

That said, I tried A LOT of different OCR / Converter packages when I first got a 920 page PDF and PDFElement was the only one that worked perfectly and some of the others were eye watering amounts. Tried one, cannot remember its name that would have cost £600 and it couldn't work out which cells to put elements into in Excel so more often than not the whole lot for a line just got dumped in the first cell seperated by spaces.

Fine to do a text to columns if your original data if fixed length fieldss and / or doesn't also have spaces in it such as names and addresses!

Since then I've had a couple of cases where particularly bad PDFs (looked like fourth generation faxes!) have had a small number of elements that have not converted to the right values in Excel so it does help if you know what the start and end balances should be (bank statements easy, PayPal, less so!)

Hope that helps,

Shaun.

p.s. Hi Ben.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Thanks for that boys.

Typical that its gone up in price when I decide to look into it. C'est la vie. (or I should say isso é vida ...... if John is lurking)

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Cheshire wrote:

Thanks for that boys.

Typical that its gone up in price when I decide to look into it. C'est la vie. (or I should say isso é vida ...... if John is lurking)


 Other way round surely Joanne?  I am rooting for France tonight - it's worth 50p in Morrison's points if they win!!!



-- Edited by Leger on Sunday 10th of July 2016 06:46:55 PM

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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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I know you are John. Unfortunately that saying is sometimes more popular in French than it is even in English and its only when I typed it I realised I should be saying it in Portuguese today! Come on Ronaldo.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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