Bookkeep – MARK LIVE DAILY

How Much Freelance Bookkeeper Earns? Where to Apply?

Please follow Mark Live Daily. Please share this blog article and read the other articles.

What is Bookkeeping and Bookkeeper?

Hi good day! Thank you that you got here on my blog article and I hope you follow my blog Mark Live Daily by typing your email and click follow at the button at your left side. Please also read my other excellent posted blog articles and same click share the articles to your social media accounts. Now ready yourself for the excellent reading experience on this blog article.

Before we start talking and guiding you to find bookkeeping job let us define first what is bookkeeping and bookkeeper.

Bookkeeping (and accounting) involves the recording of a company’s financial transactions. The transactions will have to be identified, approved, sorted and stored in a manner so they can be retrieved and presented in the company’s financial statements and other reports.

A bookkeeper is usually employed by a small to mid-size company to record its transactions such as sales, purchases, payroll, collection of accounts receivable, payment of bills, etc. A very small company might use the services of a bookkeeping firm that employees bookkeepers.

Job Description

Bookkeepers record income and outflow of money, property and other financial assets. The most important bookkeeper duty is to accurately record and review all financial data. To excel at this job, you must pay close attention to details and be very accurate when recording numerical data. Your job will also require you to be ethical and to maintain the confidentiality of a client’s financial records.

Most bookkeepers now manage financial information electronically, such as employee payroll. This might require that you master the use of spreadsheets, databases or specialized computer software. Bookkeepers also write or print financial reports. Some bookkeepers handle bank deposits, track purchasing, submit bills for a client’s accounts receivables or prepare files for federal and local taxes.

Why Work As Bookkeeper?

There are thousands of companies , businessman, individuals, and businesses who are looking of good and well experience bookkeeper that can do manage their book of accounts and financial transactions. Working at home as freelance bookkeeper is a great job where you can earn thousands of dollars per month I mean $1000’s or paid per hours at rate of $5-$50. Their are many benefits of working as freelance bookkeeper as state in the next paragraph.

First, the benefits of no longer need to travel going work to office because in freelance job you can work at your home even at your bed. Second, the benefits of flexible work time and fast pay. Fast pay likely paid per projects, paid per week, paid per output, and other type payments that is way faster than office base work. Having PayPal account is the fastest way to get paid. Third, the benefits of easy communications at your fingerprint without anyone will be looking or listening except your kids though. Fourth, the benefits of bigger income as long as you do best in your work. Fifth, being always with your wife, children, and family. Lastly, escaping from traffic, noise and air pollution.

Industry

Bookkeepers currently work in many industries. In 2016, the financial industry accounted for 12 percent of all bookkeepers. These jobs were mostly with tax preparation services, payroll and general accounting. The next largest segment worked in retail services, approximately 10 percent. Other industries that employed bookkeepers at less than 10 percent each were healthcare, wholesale and insurance. Bookkeepers also work independently as freelancers or as a small business.

Years of Experience

Full-time experience is the main factor in salary increases for bookkeepers. Seniority in a company can lead to career advancement and supervisory responsibilities that come with a salary increase. One projection looks like this:

1-2 years: $37,846-$40,775
3-4 years: $39,648-$42,422
5-6 years: $40,775-$43,618
7-20 or more years: $41,151-$43,992

Top and Best Freelance Websites to Apply as Bookkeeper

Upwork

Upwork, formerly Elance-oDesk, is a global freelancing platform where businesses and independent professionals connect and collaborate remotely. In 2015, Elance-oDesk was rebranded as Upwork. It is based in Mountain View and San Francisco, California. The full name is Upwork Global Inc. Grow your business through the top freelancing website. Hire talent nearby or worldwide.

You can find work at Upwork for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, social media campaigner, website designer, writer, research writer, costumer support, and many more.

Freelance

Find & hire top freelancers, web developers & designers inexpensively. World’s largest marketplace of 31 million applicants. Getting started is free. Receive quotes in seconds. The Upwork story begins over a decade ago, when the tech lead of a Silicon Valley startup realized his close friend in Athens would be perfect for a web project. The team agreed he was the best choice, but were concerned about working with someone halfway around the globe. If you want to work as freelancer or looking for a new work from home job you are welcome here to apply. Register and create an account now.

You can find work at Freelance for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, costumer support, and many more. There are multiple project base jobs available at freelance.com.

Guru

Guru makes it simpler to hire freelancers online from over 3 million professionals and get freelance jobs from thousands of projects posted on its freelancing. The best place for employers and freelancers to connect, collaborate, and get work done. If you want to work as freelancer or looking for a new work from home job you are welcome here to apply. Register and create an account now.

You can find work at Guru for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, social media consultant, website designer, virtual assistant, costumer support, and many more.

Outsource

Outsource.com lets you hire, manage and pay your freelancers in just a click. You can send messages, files, and make payments all through the website. It is hassle-free! Are a customer-centric professional service company. A few of the services we provide are IT consultations, customized web solutions, mobile development, cloud development, systems integration, server management. If you want to work as freelancer or looking for a new work from home job you are welcome here to apply. Register and create an account now.

You can find work at Outsource for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, IT expert, social media consultant, costumer support, and many more.

Outsourcely

Outsourcely is a virtual assistant company based in Foresthill, CA. They make it easy to connect with virtual assistants through their platform. Outsourcely connects startups and businesses with talented remote workers from around the world. 400000+ Remote Workers. If you want to work as freelance bookkeeper or looking for any new work from home job you are welcome here to apply. Register and create an account now.

You can find work at Outsourcely for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, costumer support, and many more.

Onlinejobs.ph

World’s largest and safest marketplace for finding rock star Filipino workers. OnlineJobs.ph has the largest database of Filipino virtual workers: more than 250,000 profiles and 10,000+ Filipino join each month. OnlineJobs.ph is just the marketplace. You recruit and hire on your terms. If you want to work as freelancer or looking for a new work from home job you are welcome here to apply. Register and create an account now.

You can find work at onlinejobs.ph for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, costumer support, and many more.

Toptal

Toptal is a freelancing platform that connects businesses with software engineers, designers, and business consultants globally. Toptal enables start-ups, businesses, and organizations to hire freelancers from a growing network of top talent in the world. Hire the Top 3% of Freelance Talent. Find quality talent to work full-time. Toptal is an exclusive network of the top freelance software developers, designers, finance experts, and project managers in the world. Top companies rely on Toptal freelancers for their most important projects.

You can find work at Toptal for almost all kind of professional and career jobs like bookkeeper, accounting, financial analyst, website developer, engineering, WordPress developer, tax consultant, business consultant, virtual assistant, costumer support, and many more. Toptal is one of best and finest freelance websites but very difficult to be a member.

Working as a bookkeeper of a company or to an individual requires experience and college graduate of any accounting course, bookkeeper course, and finance course. Having a license in bookkeeping or certified public accountant is a great advantage of landing a high paying bookkeeping job.

I hope you all become successful on your endeavor of looking freelance bookkeeper job and got many projects as possible and earned thousand of dollars working. I hope you follow Mark Live Daily by registering you email address at the left side and same please share this article. Good luck!

Bookkeeping 101 Part 2 (Accrual Accounting Method)

Accrual Method

There are two main methods of accounting (or bookkeeping):

Accrual method
Cash method

The accrual method of accounting is the preferred method because it provides:

a more complete reporting of the company’s assets, liabilities, and stockholders’ equity at the end of an accounting period, and
a more realistic reporting of a company’s revenues, expenses, and net income for a specific time interval such as a month, quarter or year.

As a result, US GAAP requires most corporations to use the accrual method of accounting.

The following table compares the accrual and cash methods of accounting:

Note: Some small companies may be allowed to use the cash method of accounting and in turn may experience an income tax benefit. Since our website does not provide income tax information, you should seek tax advice from a tax professional or from IRS.gov.

Revenues and Receivables

Under the accrual method, revenues are to be reported in the accounting period in which they are earned (which may be different from the period in which the money is received).

To illustrate the reporting of revenues under the accrual method, let’s assume that the hypothetical business Servco provides a service to a customer on December 27. Servco prepares a sales invoice for the agreed upon amount of $1,000. The invoice is dated December 27 and states that the amount is due in 30 days.

Under the accrual method, on December 27 Servco:

has earned revenue of $1,000, and
has earned a receivable of $1,000.

If Servco uses accounting software to prepare the invoice, the following will be recorded automatically as of December 27:

the income statement account Service Revenues will be increased by $1,000, and
the asset Accounts Receivable will be increased by $1,000

In addition to updating the general ledger accounts (which are used in preparing the financial statements), the software will update and store the customer’s information for generating an aging of accounts receivable and a statement of each customer’s activity.

Expenses and Payables

Under the accrual method, expenses should be reported on the income statement in the period in which they best match with the revenues. If a cause and effect relationship is not obvious, the expense should be reported on the income statement when the cost is used up or expires. In any event, the payment of cash is not the primary factor for determining the accounting period in which an expense is reported on the income statement.

To illustrate, let’s assume that Servco uses a temporary help agency at a cost of $200 in order to assist in earning revenues on December 27. The invoice from the temp agency is received on December 27, but it will not be paid until January 4.

Under the accrual method, on December 27 Servco:

has incurred an expense of $200, and
has incurred a liability of $200.

If accounting software is used to record the temp agency invoice, the following will occur automatically as of December 27:

the income statement account Temporary Help Expense will be increased by $200, and
the liability Accounts Payable will be increased by $200.

When Servco issues its check on January 4:

the asset Cash will be decreased by $200, and
the liability Accounts Payable will be decreased by $200.

Net Income

If Servco had only the two transactions described above, its net income under the accrual method for the day of December 27 will consist of the following:

Earned revenue of $1,000
Incurred an expense of $200
Earned a net income of $800 ($1,000 of revenues minus $200 of expenses).[The cash method of accounting would have reported a much different picture:
- No revenue, expense or net income would have been reported on the December income statement.
- The revenues of $1,000 might be reported in February if the customer paid in 35 days.
- The expense of $200 will be reported in January when Servco pays the temp agency.]

Obviously, the accrual method does a better job of reporting what occurred on December 27, the date that Servco actually provided the services and incurred the expense.

Bookkeeping 101 Part 1 (Introduction to Bookkeeping)

The term bookkeeping means different things to different people:

Some people think that bookkeeping is the same as accounting. They assume that keeping a company’s books and preparing its financial statements and tax reports are all part of bookkeeping. Accountants do not share their view.
Others see bookkeeping as limited to recording transactions in journals or daybooks and then posting the amounts into accounts in ledgers. After the amounts are posted, the bookkeeping has ended and an accountant with a college degree takes over. The accountant will make adjusting entries and then prepare the financial statements and other reports.
The past distinctions between bookkeeping and accounting have become blurred with the use of computers and accounting software. For example, a person with little bookkeeping training can use the accounting software to record vendor invoices, prepare sales invoices, etc. and the software will update the accounts in the general ledger automatically. Once the format of the financial statements has been established, the software will be able to generate the financial statements with the click of a button.
At mid-size and larger corporations the term bookkeeping might be absent. Often corporations have accounting departments staffed with accounting clerks who process accounts payable, accounts receivable, payroll, etc. The accounting clerks will be supervised by one or more accountants.

Our explanation of bookkeeping attempts to provide you with an understanding of bookkeeping and its relationship with accounting. Our goal is to increase your knowledge and confidence in bookkeeping, accounting and business. In turn, we hope that you will become more valuable in your current and future roles.

Bookkeeping: Past and Present

Bookkeeping in the Old Days

Prior to computers and software, the bookkeeping for small businesses usually began by writing entries into journals. Journals were defined as the books of original entry. In order to reduce the amount of writing in a general journal, special journals or daybooks were introduced. The special or specialized journals consisted of a sales journal, purchases journal, cash receipts journal, and cash payments journal.

The company’s transactions were written in the journals in date order. Later, the amounts in the journals would be posted to the designated accounts located in the general ledger. Examples of accounts include Sales, Rent Expense, Wages Expense, Cash, Loans Payable, etc. Each account’s balance had to be calculated and the account balances were used in the company’s financial statements. In addition to the general ledger, a company may have had subsidiary ledgers for accounts such as Accounts Receivable.

Handwriting the many transactions into journals, rewriting the amounts in the accounts, and manually calculating the account balances would likely result in some incorrect amounts. To determine whether errors had occurred, the bookkeeper prepared a trial balance. A trial balance is an internal report that lists 1) each account name, and 2) each account’s balance in the appropriate debit column or credit column. If the total of the debit column did not equal the total of the credit column, there was at least one error occurring somewhere between the journal entry and the trial balance. Finding the one or more errors often meant spending hours retracing the entries and postings.

After locating and correcting the errors the bookkeeping phase was completed and the accounting phase began. It began with an accountant preparing adjusting entries so that the accounts reflected the accrual basis of accounting. Adjusting entries were necessary for the following reasons:

additional revenues and assets may have been earned but were not recorded
additional expenses and liabilities may have been incurred but were not recorded
some of the amounts that had been recorded by the bookkeeper may have been prepayments which are no longer prepaid
depreciation and other non-routine adjustments needed to be computed and recorded

After all of the adjustments were made, the accountant presented the adjusted account balances in the form of financial statements.

After each year’s financial statements were completed, closing entries were needed. The purpose of closing entries is to get the balances in all of the income statement accounts (revenues, expenses) to be zero before the start of the new accounting year. The net amount of the income statement account balances would ultimately be transferred to the proprietor’s capital account or to the stockholders’ retained earnings account.

Bookkeeping Today

The electronic speed of computers and accounting software gives the appearance that many of the bookkeeping and accounting tasks have been eliminated or are occurring simultaneously. For example, the preparation of a sales invoice will automatically update the relevant general ledger accounts (Sales, Accounts Receivable, Inventory, Cost of Goods Sold), update the customer’s detailed information, and store the information for the financial statements as well as other reports.

The accounting software has been written so that every transaction must have the debit amounts equal to the credit amounts. The electronic accuracy also eliminates the errors that had occurred when amounts were manually written, rewritten and calculated. As a result, the debits will always equal the credits and the trial balance will always be in balance. No longer will hours be spent looking for errors that occurred in a manual system.

CAUTION: While the accounting software is amazingly fast and accurate in processing the information that is entered, the software is unable to detect whether some transactions have been omitted, have been entered twice, or if incorrect accounts were used. Fraudulent transactions and amounts could also be entered if a company fails to have internal controls.

After the sales invoices, vendor invoices, payroll and other transactions have been processed for each accounting period, some adjusting entries are still required. The adjusting entries will involve:

revenues and assets that were earned, but not yet entered into the software
expenses and liabilities that were incurred, but not yet entered into the software
prepayments that are no longer prepaid
recording depreciation expense, bad debts expense, etc.

The adjusting entries will require a person to determine the amounts and the accounts. Without adjusting entries the accounting software will be producing incomplete, inaccurate, and perhaps misleading financial statements.

After the financial statements for the year are released, the software will transfer the balances from the income statement accounts to the sole proprietor’s capital account or to the stockholders’ retained earnings account. This allows for the following year’s income statement accounts to begin with zero balances. (The balance sheet accounts are not closed as their balances are carried forward to the next accounting year.)

Recording Transactions

Here are a few examples of some of a company’s financial transactions:

The purchase of supplies with cash.
The purchase of merchandise on credit.
The sale of merchandise on credit.
Rent for the business office.
Salaries and wages earned by employees.
Buying equipment for the office.
Borrowing money from a bank.

The transactions will be sorted into perhaps hundreds of accounts including Cash, Accounts Receivable, Loans Payable, Accounts Payable, Sales, Rent Expense, Salaries Expense, Wages Expense Dept 1, Wages Expense Dept 2, etc. The amounts in each of the accounts will be reported on the company’s financial statements in detail or in summary form.

With hundreds of accounts and perhaps thousands of transactions, it is clear that once a person learns the accounting software there will be efficiencies and better information available for managing a business.

Want To Learn Accounting, Bookkeeping, Finance, and Financial Analysis on Online?

Do you want to learn accounting, bookkeeping, business analysis, finance, financial analysis. You want to learn how to create and prepare balance sheet, income statement, cash flow, do financial analysis, business analysis, and economics?Then you are it the right page. I am Mark Joseph Digamon I will teach you all things you want to know about accounting, bookkeeping, finance, financial analysis, and business analysis, and economics.

Contact me on my mail markjosephbuctuanondigamon@gmail.com or on my Skype which my Skype ID is mark_jbd121989.

Please leave some comments below if you need me to teach and learn many things.

Bookkeeping 101: A Beginning Tutorial

Bookkeeping in a business firm is the basis of the firm’s accounting system. Bookkeepers are responsible for recording and classifying the accounting transactions of the business firm and techniques involving recording those transactions.

If you are a small business owner, you either have to set up your own accounting system or you have to hire someone to set it up for you. If you are self-employed and it is a one-person business, you will do it yourself. If you are hiring staff and anticipate a lot of growth, you may hire a controller to handle your financial management and accounting. If your business is going to grow but you anticipate slow growth, you may simply hire an accountant or bookkeeper to handle the accounting system.

What Does the Accountant Do?

Where the bookkeeper records and classifies the financial transactions of the company, the accountant takes the next steps and analyzes, reviews, reports, and interprets financial information for the company.

What Does a Controller Do?

The controller is actually a company’s chief accounting officer. He/she is responsible for setting up and maintaining the company’s accounting system. The controller is responsible for financial and managerial accounting; in other words, responding to the firm’s accounting data in an appropriate and responsible manner. A controller is usually hired as a business gets larger.

Bookkeeping With and Without a Computer Program

This tutorial on bookkeeping teaches you basic bookkeeping without using a computer program. Why do you need to know that since there are so many computer programs out there you can use? Have you ever heard the saying, “Garbage in, garbage out?” You have to understand the basic bookkeeping behind what you enter into the computer program in order to enter in the correct information. A later tutorial will deal with using a computer program to handle bookkeeping for your business organization.

- 01
  
  Should you use Single or Double Entry Bookkeeping?
  
  Single-Entry bookkeeping is much like keeping your check register. You record transactions as you pay bills and make deposits into your company account. This works only if yours is a small company with a low volume of transactions.
  
  If your company is of any size and complexity, you will want to set up a double-entry bookkeeping system. Two entries, at least, are made for each transaction. A debit is made to one account and a credit is made to another accounting. That is the key to double-entry accounting.

- 02
  
  Should you use Cash or Accrual Accounting?
  
  One of the first decisions you have to make when setting up your bookkeeping system is whether or not to use a cash or accrual accounting system. If you are operating a small, one-person business from home or even a larger consulting practice from a one-person office, you might want to stick with cash accounting. If you use cash accounting, you record your transaction when cash actually changes hands. Cash can be anything from actual money to electronic funds transfer. Sometimes firms start their business using cash accounting and switch to accrual accounting as they grow.
  
  If you are going to offer your customers credit or if you are going to request credit from your suppliers, then you have to use an accrual accounting system. Using accrual accounting, you record purchases or sales immediately, even if the cash doesn’t change hands until a later time, such as in the case of Accounts Payable or Accounts Receivable.

- 03
  
  The Basics – Understanding Assets, Liabilities, and Equity
  Before you set up your bookkeeping system, you have to understand the firm’s basic accounts – assets, liabilities, and equity. Assets are those things the company owns such as its inventory and accounts receivables. Liabilities are those things the company owes such as what they owe to their suppliers (accounts payable), bank and business loans, mortgages, and any other debt on the books. Equity is the ownership the business owner and any investors have in the firm.
  
  Balancing the Books
  
  To balance your books, you have to keep careful track of these items and be sure the transactions that deal with assets, liabilities, and equity are recorded correctly and in the right place. There is a key formula you can use to make sure your books always balance. That formula is called the accounting equation:
  
  Assets = Liabilities + Equity
  
  The accounting equation means that everything the business owns (assets) is balanced against claims against the business (liabilities and equity). Liabilities are claims based on what you owe vendors and lenders. Owners of the business have claims against the remaining assets (equity).
  
  Initial Bookkeeping Terms Related to the Accounting Equation
  
  Let’s take a closer look at assets, liabilities, and equity so you will have a complete understanding of what comprises each one.
  - Assets: If you look you look at the format of a balance sheet, you will see the asset, liability, and equity accounts. Asset accounts usually start with the cash account and the marketable securities account. Then, inventory accounts receivable, and fixed assets such as land, buildings, and plant and equipment are listed. Those are tangible assets. You can actually touch them. Firms also have intangible assets such as customer goodwill.
  - Liabilities: The liability accounts on a balance sheet include both current and long-term liabilities. Current liabilities are usually accounts payable and accruals. Accounts payable are usually what the business owes to its suppliers, credit cards, and bank loans. Accruals will consist of taxes owed including sales tax owed and federal, state, social security, and Medicare tax on the employees which are generally paid quarterly.
  - Equity: The equity accounts include all the claims the owners have against the company. Clearly, the business owner has an investment, and it may be the only investment in the firm. If the firm has taken on other investment, that is considered here as well.

04

Income Statement Basics – Revenue, Expenses, Costs

If you look at the balance sheet in Step 4, you learn about assets, liabilities, and equity. If you move on to the income statement, you learn about revenue, expenses, and costs.

Revenue is all the income a business receives in selling its products or services. Costs, also called cost of goods sold, is all the money a business spends to buy or manufacture the goods or services it sells to its customers. The Purchases account tracks goods purchased. Expenses are all the money that is spent to run the company that is not specifically related to a product or service being sold. An example of an expense account is Salaries and Wages.

A bookkeeper is responsible for identifying the accounts in which transactions should be recorded. For example, if the business makes a cash sale to a customer and your business uses double-entry bookkeeping, you would record the cash received in the asset account called Cash and the sale would be recorded in the revenue account called Sales. Here is another example of a bookkeeping entry for a cash sale. This one throws in another variable – what the bookkeeper has to do when sales tax is involved.

Tag: Bookkeep