A bookkeeper performs several important financial duties for a business including recording financial transactions, managing accounts payable and receivable, processing payroll, tracking expenses, reconciling bank statements, and preparing required financial reports. Bookkeepers use accounting software to enter all transactions, track expenses, generate invoices, and produce regular financial statements and reports to help business owners analyze the company's performance and financial health. Outsourcing bookkeeping services is an affordable way for businesses to benefit from professional bookkeeping support.

1. Duties of a Bookkeeper

2. 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!

3. 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).

4. 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.

5. 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!

6. 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!

7. 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

8. 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!

9. 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.

10. 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.

11. 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.

12. 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!