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Small business owners, entrepreneurs, and people in other career paths don’t always seem to understand what a bookkeeper does for a living; therefore, I want to cover some basics with you.
Bookkeepers keep track of revenue and expenses. It doesn’t matter what type of company you have or what industry you are in, a bookkeeper will help you maintain a day-to-day breakdown of your business.
Definition of a Bookkeeper: The job of someone keeping financial affairs of a business.
The Job of a Bookkeeper
With modern technology bookkeepers have attempted to streamline their roles. However, the bookkeeper job is there to assist a company with categorizing their expense receipts and tracking income for the business.
However, bookkeepers do more than just place numbers in a software or on a spreadsheet. Bookkeepers determine what expenses are for and where money has derived from. A bookkeeper’s work helps to determine items you claim on your end-of-year taxes.
A Bookkeeper Helps a Business
- Reconcile Accounts Every Month
- Record Daily Transactions
- Monitor Debt and Pay Vendors, Suppliers, and Contractors
- Apply Assets and Liabilities
- Calculate and Remit Sales Tax to State Governments
- Generate Financial Statements for Review
- Generate and Issue Financial Statements to CPAs or Tax Advisers
- Process Payroll
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Benefits of a Skillful Bookkeeper
If you have a good bookkeeper working for you there are benefits you and the company will receive:
- Financial Reports to Help Budget
- No Need for the Last Minute Tax Season Hustle
- More Time for Business Management and Family
- Knowledge of Seasonal Ups and Down
- Understand the Revenue and Expenses in Your Business
- Your Bookkeeping is Up-to-Date When It’s Time to Grow
Not everyone enjoys working with business income and expenses nor does everyone understand it. Therefore, if you hire someone who has experience in bookkeeping, you can easily keep your business on track while you place your efforts elsewhere.
A skillful bookkeeper will collaborate with you to keep track of your income, expenses, and so much more.
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Bookkeeper vs. Accountant
Definition of Accountant: A job of someone keeping or inspecting financial accounts.
A bookkeepers job is every day transactional record keeping while an accountant uses the information to create and prepare annual reports and financial statements used for planning and decision making.
In layman’s terms a bookkeeper looks at the immediate picture of a business while an accountant sees a bigger picture of the business.
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My goal is to help individuals and businesses understand bookkeeping. I’m glad you enjoyed the reading!
That’s good to know that a bookkeeper could help to take care of payroll for you. I am interested in starting a business, but I would pretty busy especially at first if I did, so I might not have a ton of time for the payroll. I should take a look into getting a bookkeeper to help me with that so I could focus on other parts of starting the business.
A bookkeeper could easily help you take care of payroll and recordkeeping. Having a reliable bookkeeper who knows how to take care of payroll and payroll liabilities is essential. Recordkeeping assists with the growth of your business. I wish you luck on starting a business!