Duties of a Bookkeeper

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Duties of a Bookkeeper
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• 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!

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• 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).

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• 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.

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• 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!

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• 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!

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• 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

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• 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!

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• 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.

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• 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.

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• 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.

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• 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!