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What is Virtual Bookkeeping?

 What is a Virtual Bookkeeping?

Advantages and Disadvantages of Bookkeeping.
It is suitable for you and your company.
Virtual Bookkeeping is the Process of arranging an Accounts detail in a Managed Pattern. Different Software are easily available in the markets for Bookkeeping. And now a day different firms are opened which provide Virtual Bookkeeping Services.
Virtual  Bookkeeping Services are increasing with the High Speed Internet and Amazing Advance Bookkeeping Software.
A person with the right skills and abilities to set up and is very easy to provide a Virtual Bookkeeping Service.
Online Accounting jobs is one of only Virtual Services available in the internet.
  • What are the services he can offer i.e. bank reconciliations, sales invoicing, debt collecting.
  • Fees Charges.
  • How to provide Required Material and in which Source.
  • Ask him about the experience and if available consult with latest previous work done person and have a review about work, Ask for Qualification.
He recorded his website with quality web directories.
He provides excellent and efficient service to his new clients.

 Business Owner.

  • The owner surf online, finds the online bookkeeper via a directory, studies the website, and contacts him information.
  • They took trial of there services for a month or two and decide if there services are good quality.
  • They are happy and continues with Virtual Bookkeeping service provider for a long time.
To get you started try Durant Services which has a worldwide directory of office assistants, bookkeepers and accountants.

for having a Virtual Bookkeeping Services.

  • The main advantage to have a Virtual Bookkeeping  is that there is no employee costs to cover – no need to find more furniture and equipment, pay a wage, pay employee taxes, vacation pay, sick leaves…..
  • It’s hard to find a local town city bookkeeper if you live far from the Office then you can search on Web for online Bookkeeping Service Provider.
  • You will easily get used to the vast array of electronic methods available for getting your documents and information to the Virtual Bookkeeping service provider.
  • It is difficult to choose from a vast range of Virtual Bookkeeping Service providers.

Protect your business against Unlawful Virtual Bookkeepers.

  • Consult your business partner or Business Friends about it. Then can refer you good and experienced persons.
  • Phone them take a meeting and talk detailed about the Bookkeeping and procedure and ask him what his way of work for completing.
  • Take a test give them a trial period and in this trial period give them a specific time period to complete the work.

 

Is Virtual Bookkeeper right for you?

Probably Not If…..
  • If you are not familiar  with Electronic Media, like sharing the files with the Virtual bookkeeper, Or General using the Computer.
  • You prefer face to face contact. For Example Virtual Bookkeeper uses Skype, Google Talk, Yahoo Messenger or other similar platform for assisting the Owner for Work Progress.
  • Your bookkeeping is very involved, with a huge number of business transactions, or a lot of complicated business transactions such as inventory control or foreign exchange sales and purchases.

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What are processes of Double Entry Bookkeeping.

6 step guide for Processing Business.

Doube Entry Bookkeeping is where you twice to enter the system. The value of each transaction
Learn the principles of this system, and your confidence will grow by leaps and bounds if you manually carrying books or using the program!
Following are the Six Steps of Double Entry Bookkeeping.
  1. Collect complete Business transactions produce called “Documents”.
  2. The information from the Documents are recorded into “Journals”.
  3. The data is taken from the Journals and entered into “Ledger Books”.
  4. Each Ledger Book contains various accounts, listed in “Chart of Accounts”.
  5. These accounts are totaled and balanced in line with the “Accounting Equation”.
  6. The accounts are balanced by using “Debits and Credits”.

 

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Financial Statement: Long-Term Liabilities

Long-term liabilities beyond the current cycle, turn the duties over and above the current year work, or are doing. Usually, this kind of long-term debt as corporate bonds, issued. We have here a part of a company’s capital structure as equity loan comparison look at how, and to investigate how a company uses debt path….

You will either operating or finance charges as long term that can describe. Operating liabilities are liabilities in the ordinary course of business, but they raise cash from investors by the company are sold. The company is the result of increased cash funding obligations that are debt instruments. In return for the money and should be paying the principal plus interest – often a previous period – in other words,  the company said, the debt.
Operations and debt financing from both the company’s future will require cash outlay is the same. Debt financing decisions triggered by an enterprise senses and therefore often provide clues about the company’s future prospects because it is, however, to keep them separate in your mind is useful.

Debt is Cheaper than Equity :

Capital structure, debt, equity and convertible bonds like (discussed below), as well as hybrid devices, in which the proportion of a company refers to the various funding sources. A simple capital structure is the ratio of total capital, long-term debt.
Cost of debt (interest) is defined as the value of the equity, profit and loss account is not shown because equity than debt for the company is a cheaper source of funding forget It’s easy. The loan is cheaper for two reasons.) to equity. Second, interest payments are tax deductible, and lower tax bill effectively creates money for the company.
To explain this idea, interest and tax (EBIT) of the first $ 200 of earnings a company can consider. The company has a 50 percent tax credit and issued 100 common shares, the Company $ 1.00 (see bottom left-hand column) earnings per share (EPS) will produce.

We perform a simple conversion of debt to equity is right. In other words, we 0-0.2 loan growth in total capital ratio, capital structure that introduce significant leverage. To do this we need to (borrow) the Company issued $ 200 of debt, and use the money to buy. 20 shares ($ 200 / $ 10 Per Share = 20 shares) will be converted to the shareholders? No. of shares falling to 80 companies (10% per year to $ 20 to borrow $ 200 is charged) must pay annual interest. Remember that the tax cuts, but the profit of the number of shares. Our debt to equity over the original! Conversion of EPS .

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Second part of “Debits and Credits”.

Here is what the ‘T’ ledgers look like.

Can you see the T!
From this illustration you will observe that the 15.00 has been placed on the left side of the stationery ledger account and on the right side of the bank ledger account.

Opening Balances

All asset, liability and equity accounts will have an opening balance at the beginning of a new financial year. These balances are the closing balances brought forward from the previous financial year.
The balances in the asset accounts are usually debits.The liabilities and equity balances are usually credits.
In the above ledger illustration, the bank ledger has an opening balance of 1,050.00. This means that at the end of the previous financial year this business had that much money in their bank account.
The revenue and expenses accounts are always cleared at the end of a financial year so they start the new year with a zero balance.
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Side Note
You may wonder why I refer to the opening balance of 1st April as being the beginning of the new financial year . This is because all countries of the world have their own start months for the financial period, also known as the fiscal year, and in fact, each country may allow different fiscal periods for different businesses within that country. In general, all countries use the same financial period of 12 months, and all debits and credits for a financial year will occur within that 12 month period.
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Now, say if Mr Mansab used the same cheque to buy several different items such as 15.00 for paper, 200.00 for a printer and 28.00 for a book for personal use, what would the debits and credits look like?

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