According to a study, bookkeepers are the ultimate game-changer who can turn around the company with their accurate bookkeeping records. Bookkeepers are invaluable assets who are responsible for ensuring ideal day-to-day accounts for the company. Whatever bookkeepers record becomes the sole basis for making important accounting decisions that keep the company on track. Those companies that have weak bookkeeping staff cannot maintain a competitive advantage and lose a significant portion of the market share due to weak bookkeeping practices.
What do bookkeepers do?
Often companies believe that the bookkeeper’s job is only to record day-to-day business transactions and that’s it, however, when you analyze from the strategic perspective, you will understand they have other responsibilities. That includes preparing expense receipts, payroll, invoicing and billing, and maintaining a record of other similar administrative activities. Also, bookkeepers need to regularly perform bank reconciliation to identify any unusual transactions and make sure that everything is organized or categorized correctly.
What to Expect from Bookkeepers?
Besides the daily accounting, bookkeepers identify discrepancies and deal with them promptly. The job of the bookkeeper is to solve problems and avoid disruptions that will adversely affect administrative workflow.
How Do Bookkeepers Help You?
Traditionally there used to be only one or two bookkeeping or accounting professionals in the community who used to solve everyone’s problems. Businesses often had to wait for days, weeks, or even months to acquire their assistance. Now, countless options on the internet are always ready to serve you with their bookkeeping or accounting professionalism. Hiring a professional bookkeeper can also help you in tax-reduction, which translates into company savings.
Bookkeeper’s Job Responsibilities
It is the responsibility of a professional bookkeeper to maintain a record of day-to-day financial transactions by establishing accounts and also to ensure legal requirement compliance.
Bookkeeper’s Job Description
- Comprehending and recording company’s financial data
- Framing and developing a bookkeeping system for recording day-to-day financial transactions
- Defining bookkeeping rules, policies, and procedures for optimal bookkeeping results
- Processing expense receipts, sales invoices, and payments
- Calculating and completing VAT returns
- Preparing invoices to be sent to customers
- Calculating staff hours and wages for payroll
- Reconciling bank accounts
- Processing of profits and loss statements and balance sheets
- Dealing with monotonous financial paperwork and filling
- Problem-solving attitude when dealing with new and complex financial records
- Reconciling and repairing cash flow statements
- And much more
Bookkeeper’s Skills and Qualifications
Veterans believe that it is not necessary to hire bookkeepers with excessive qualifications, certifications, or degrees. However, the right skills needed for the bookkeeping job are required if you expect things to go in your favor. However, it is sometimes included in the bookkeeper’s job description to have a specific benchmarked qualification criteria, which suggests that businesses’ top-most priority is to hire the best possible candidate. The bookkeeper’s skills and qualifications may include problem-solving abilities, interpretation of financial data, and recording accurate transactions, data entry skills, and specific bookkeeping certifications and diplomas.
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