Hi just wondering about some of the tasks a bookkeeper would have to do. Loading bank statements, invoices etc reconciling them. I get that.
Would a bookkeeper be asked to chase payments, (credit control) or simply record the incoming payments once they have happened. Would a bookkeeper have the ability to make payments? (Supplier accounts) or just load invoice and match to payments that have been made by an employee of the business.
Thanks and sorry if its a silly question.
-- Edited by Muzzy2kuk on Wednesday 8th of March 2017 10:07:49 PM
I hate credit control, but will offer it to some clients. As accounts assistant type roles as employee then you might be expected to do it, depending on size of business, some businesses have a full time person doing that role (one my Mum enjoyed!).
Same with making payments, up to the client and I do a lot of that for, in fact anything at all money related for my footballer client. It's not specifically a bookkeeping role, but I do that and some of his agent stuff as its an add on and brings in extra money (which is chargeable at much higher rates). If you do make payments make sure you are added on to the Bank mandate properly, so it's all above board (protects you as well as the client). Some companies will maybe want you to prepare and load the payments to the bank online facility but you might not have the ability to authorise them-that could then be done by just the owner of the business.
Each client is different
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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
Ok cool so essentially it all depends on the client. I do all of the above in my current employed role just wondered how it would work if did the bookkeeping remotely. Nice work with the footballer, premiership?
Can't add much that Joanne hasn't. Today bookkeeping ranges from checking over what client inputs into the cloud, right up to submitting LTD accounts and CT return. Me personally - I wouldn't want to be able to pay for X, or have any access to bank accounts. I can see how that would make for extra fees though - extra responsibility too mind. If you hold any money for clients it has to be in a separate account - interest earned is theirs also.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Can't add much that Joanne hasn't. Today bookkeeping ranges from checking over what client inputs into the cloud, right up to submitting LTD accounts and CT return. Me personally - I wouldn't want to be able to pay for X, or have any access to bank accounts. I can see how that would make for extra fees though - extra responsibility too mind. If you hold any money for clients it has to be in a separate account - interest earned is theirs also.
Do you have access to their bank accounts for viewing bank statements? If so, then you should also be on the Bank mandate for that/have your own login.
Don't reckon there will be many bookkeepers who hold clients monies, but there is extra regulation if you do. Plus extra money to be made for looking after clients who have clients monies.
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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
Yes I agree there is separate regulations for holding clients money and clients tax refunds etc if that is what you/we offer as a service.
No I have no access to any bank accounts in the sense of being able to action payments to another. I do have access to bank information which is in, for want of a better phrase, read only format.
Are cloud bank feeds read only or can you pay suppliers from within the cloud software? If so I don't like the sound of that.
Thanks
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
As far as I'm aware you can't perform bank payments from it and rightly so.
I am, however, interested in using a csv import, even for VT+, after seeing those two videos Lyndsey showed us, although I was a bit peeved because I'd just entered a years bank transactions manually from pdf downloads then saw the videos!
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
