Bookkeepers are responsible for recording all financial transactions that occur within a business. This includes sales, purchases, expenses, receipts, and payments. Transactions are recorded using accounting software or manually in ledgers, depending on the preferences and needs of the business. This is what we will do for your business
Services
Bookkeeping
Accounts Payable
Bookkeepers manage accounts payable, which involves tracking and processing invoices from suppliers and vendors. They ensure that bills are paid on time and accurately, maintaining good relationships with suppliers while also managing cash flow effectively.
Accounts Receivable
Bookkeepers also handle accounts receivable, which involves invoicing customers for goods or services provided. They track payments received, follow up on overdue invoices, and reconcile customer accounts to ensure that all revenue is collected promptly.
Bank Reconciliation
Bookkeepers reconcile the business’s bank accounts regularly to ensure that the recorded transactions match the transactions reflected in the bank statements. This process helps identify discrepancies, errors, or fraudulent activities and ensures the accuracy of the financial records.
Payroll Processing
Many bookkeepers are also responsible for processing payroll, including calculating employee wages, withholding taxes, and issuing paychecks or direct deposits. They also ensure compliance with payroll tax laws and regulations and file necessary payroll tax returns.
Financial Reporting
Bookkeepers generate financial reports, such as income statements, balance sheets, and cash flow statements, to provide insights into the business’s financial performance. These reports help business owners and stakeholders make informed decisions and track progress towards financial goals.
Budgeting and Forecasting
Bookkeepers assist in the budgeting process by analyzing historical financial data and projecting future income and expenses. They help business owners develop realistic budgets and forecasts that guide financial planning and decision-making.
Tax Preparation Support
While bookkeepers are not typically tax professionals, they often provide support during the tax preparation process. They organize financial records, ensure that all necessary documentation is available, and work closely with accountants or tax preparers to file accurate tax returns.
Compliance and Regulation
Bookkeepers ensure that the business complies with relevant financial regulations and reporting requirements. They stay up-to-date on changes in accounting standards, tax laws, and industry regulations to ensure that the business remains compliant and avoids penalties or legal issues.