Recording Financial Transactions
The primary responsibility of a bookkeeper is to accurately record all financial transactions of the business. This includes sales, purchases, receipts, and payments.
Maintaining General Ledger
Maintain a general ledger, which is a comprehensive record of all financial transactions of the business. They organize and classify transactions according to the appropriate accounts.
Bank Reconciliation
Reconciling bank statements with the general ledger to ensure that all transactions are accurately recorded and accounted for. Any discrepancies are identified and resolved.
Accounts Payable and Receivable
Managing accounts payable by processing invoices, making payments to suppliers, and ensuring bills are paid on time. Also handle accounts receivable by issuing invoices to customers and tracking payments received.
Payroll Processing
Bookkeepers may be responsible for processing payroll, including calculating wages, deductions, and taxes, and ensuring that employees are paid accurately and on time.
Financial Reporting
Bookkeepers prepare financial reports such as profit and loss statements, balance sheets, and cash flow statements to provide insights into the financial health of the business. These reports are used by management, investors, and other stakeholders.
Compliance
Bookkeepers ensure that financial records comply with relevant laws, regulations, and accounting standards. They may also assist with audits and tax filings.