Keeping accurate and complete financial records is not the most thrilling part of building a business; we give you that. However, one cannot continue to journey in the entrepreneurial world without a reliable bookkeeping system; it is the fuel that keeps your company running. Hence, smart bookkeeping systems help you gather correct and up-to-date information, the key to making wise business decisions.
So, what does a bookkeeper do daily? In this article, we break down the day-to-day function of a bookkeeper. Read on to learn more about how bookkeepers help small businesses and how to choose the right one for your team.
Bookkeepers play a crucial role in data entry, receipt wrangling, and bank reconciliation, which hold a small business’s financial integrity. They are always checking the company’s financial health pulse, ensuring that each financial record is in order.
A bookkeeper is responsible for recording journal entries. They ensure that all financial transactions are entered in the general ledger using double-entry bookkeeping. This manual entry is equivalent to documenting all financial undertakings into accounting software that is usually cloud-based in the modern-day. More than that, they also need to have a good grip on the legal framework, and an on-point analytical skill since audits are their friendly neighbour.
In general, bookkeepers prepare four critical financial statements:
These four tasks fall under to either of their three core duties, namely data entry, bank reconciliation, and monthly reports.
Other additional tasks that bookkeepers can likewise keep their hands on include:
Most of the time, compiled reports are immediately handed over to managers and business owners to assist them in decision-making. Some bookkeepers, however, are involved in business planning and strategy development. They also have shared responsibilities with the accountants, like annual financial reports, tax return and BAS preparation.
Below are some benefits that make holding onto a bookkeeper worth trying:
Running a business can be a handful. Thankfully, there are trusted bookkeepers that you can always rely on to manage your company’s finances.
At Aone Account and Bookkeeping, we provide bookkeeping services, so you focus your attention on other important business activities. Call us now at (02) 4555 1847 or reach us through email at clients@aoneaccount.com to have your finances handled smoothly. We offer a free 1-hour consultation!