Bookkeepers have a lot of responsibility. They do everything from helping you get ready for tax season to processing payroll in many cases. However, that’s not all they do. Here are some other things they do.
Some Things A Bookkeeper Is Tasked With Doing In a Small Business:
1. Daily Management Of Accounts
A bookkeeper is tasked with doing a lot of things including helping your business’ accounts daily for various transactions. They track everything from every purchase to every expense and they do it by using the software. This makes it very easy to track cash flow going in and out of a business.
2. Maintain Updated and Accurate Records
A professional bookkeeping Exeter company is there to ensure that all of the records for your business are updated daily. Likewise, they must report any inconsistencies they find between all of your professional books and your accounts allowing you to resolve issues that crop up as quickly as possible.
3. Keeping Your Business Aligned With Laws
Another thing they are meant to do is to keep you fully aligned with the different laws that govern your industry. Maxing even a single mistake on your taxes can end up becoming a major problem. This is why it is so important to have a professional bookkeeper there ensuring you remain compliant.
4. Keeping You Prepped For Tax Season
Like many of the laws and regulations that exist, the deadlines are just as strict. A lot of businesses have their hands in a lot of different pots. Taking care of taxes or deadlines isn’t something they can do daily. This can allow a deadline to slip through the cracks. A bookkeeper will be there to ensure you maintain accurate records so you are always fully prepared.
5. Management Of Bank Feeds
At the most basic level, they manage the different transactions you make through software. There are bank feeds that link your business bank account with the software to ensure you can see everything happening in real-time.
6. Handling Accounts Payable
Typically it’s the bookkeepers who make different payments for your business. They will be tasked with managing supplier invoices, expenses, and petty cash.
7. Sending Out Invoices
A lot of them will be tasked with prepping and sending out invoices to ensure you are getting paid when you need to. They will also be managing the accounts receivable ledger and even chasing late payments from clients.
8. Prepping Financial Statements
Another big thing that a lot of bookkeepers are responsible for would be prepping financial statements for small businesses. They need to handle everything from profit and loss statements to the business’ balance sheet.
9. Processing Payroll
While not every bookkeeper will be tasked with this, some will be tasked with fulfilling payroll and some of the functions that would normally be given to HR.
10. Dealing With Foreign Transactions
A lot of bookkeepers will also be tasked with maintaining accurate foreign currency accounts. They will do this by using the right currency rates.
11. Perform Stocktake
For the smaller businesses, a lot of bookkeepers are there to produce things like inventory reports by counting everything in stock. If there are things that don’t come back right, they will report back to the business to ensure it’s fixed.