Duties of a Bookkeeper

A bookkeeper is a person who records and tracks the financial transactions of a business. What are their duties? What does a bookkeeper do in an average day? What tools do they use? These questions will be answered in this article, so read on to find out more!

What does a Bookkeeper do?

A Bookkeeper provides important services to businesses by recording and processing financial transactions and producing statements. Some bookkeepers are tasked with maintaining the accounts for an entire organisation, referred to as the general ledger. In contrast, others function as accounting clerks, managing particular duties as part of a team. They verify receipts, prepare bank deposits, send payments and monitor overdue accounts. In many cases, a Bookkeeper will also be responsible for the preparation and lodgement of Business Activity Statements (BAS).

Data entry

The tasks of your bookkeeper will be to enter all financial transactions into the system regularly and accurately, allocate them correctly for each account with their respective accounting software (which may include monthly or weekly reports), making sure this information is accurate so you have reliable data on what's happening within your business.

Expense tracking

Expense tracking is a key role of any business. Your bookkeeper will be responsible for recording and reconciling all your expenses, including petty cash purchases as well as those made with credit cards or invoice discounts that could potentially lead to unnecessary costs if not monitored properly by the company owner(executive).

Brandishing this information can help you pinpoint potential excess expenditures so they don't go unnoticed when it comes time for tax season!

Invoicing and receipts management

As a key cash flow driver of every small business, your bookkeeping skills will help ensure that invoices are sent promptly and late payments managed. Your ability to manage all incoming funds into the company is crucial for its success as well!

Payroll processing

It's a daunting task to pay your staff, especially when you have many of them. Paying for the hours they've worked can involve checking timesheets and allocating any commission payable as well as calculating payroll tax or superannuation contributions - not to mention keeping accurate employee records that include bank account details that need input from both accounting systems but also through each worker themselves! If this isn't done weekly/fortnightly then hiring an experienced bookkeeper will save time in processing their invoices before the payment goes out on Fridays morning so there are no issues later down the track

Banking

In the age of technology, accounting software is becoming more and more accessible. Some packages now link directly to your business bank account so you can download banking information into their system right away without any hassle or delay - this way all transactions are accounted for!

Compliance

When you need to prepare your books and records in compliance with the Australian Tax Office, they must be prepared by an RBA-registered BAS Agent. Your bookkeeper will be able not only can do this but also to have all payroll tax reports ready for any business loans or other areas where regular reporting of transactions may be necessary as well.

Financial reporting

Your bookkeeper will provide regular financial reports that give you all the information needed to improve your company's performance. They can guide on what areas need improving and those which are performing well, preparing a report tailored just for you! Assisting with annual profit and loss and balance sheet reports.

Business strategizing

Your bookkeeper should also be a strategic thinker, coming up with ways to improve your business and maximize profits. They can help you develop budgets, cash flow forecasts, and other planning tools to keep your business on track.

Outsourcing bookkeeping services is a great way to get all of the benefits of having a dedicated bookkeeper without spending too much money on staff.

If you are looking to hire a bookkeeper, you can speak to one of our qualified staff members by calling today!