Your bookkeeper is responsible for maintaining your business’s important accounting records known as
ledgers. They should record and manage your company’s financial activities and enter financial data into the general ledgers.
Here are some common duties of a bookkeeper.
Data Entry
Your bookkeeper is responsible for keeping records of all financial transactions of your business. They should enter the transactions into your system promptly and accurately, assign them to the appropriate accounts in your accounting software, and generate weekly or monthly reports that offer valuable insights into your business’s performance.
Expense Tracking
Your bookkeeper records business expenditures and then cross-checks them with purchase orders and delivery confirmations to check if you have received the goods for which you have made payments. The professional should also enter any credit card and petty cash transactions into your accounting system. By keeping track of expenses, your bookkeeper can help you identify and eliminate wasteful spending.
Financial Reporting
Your bookkeeper will provide regular financial reports, including profit and loss statements, balance sheets, budgets, and cash flow forecasts. These reports will furnish you with all the necessary information you need when making key business decisions and developing a growth strategy. These financial reports can help you identify areas of improvement.
Ensuring Regulatory Compliance
Bookkeeping and accounting rules are updated at regular intervals. An experienced bookkeeper knows the importance of staying on top of accounting and bookkeeping trends. They follow industry developments closely and ensure that financial statements are prepared according to the latest rules and regulations.
Invoicing and Receipts Management
We cannot emphasize enough the importance of invoicing and receipts management. A bookkeeper near you in Santa Rosa can ensure timely payment of invoices, monitor overdue payments, and effectively handle all incoming cash for the company.
Your bookkeeper can quickly download banking information into your accounting system, enabling seamless recording of payments and receipts.
It is vital to ensure accurate recording of all your business’s financial transactions, and the most effective way to achieve this is by reconciling your bank transactions with your accounting software.
Other Roles and Responsibilities of a Bookkeeper
Apart from offering guidance on how to optimize business processes, your bookkeeper should help top management develop financial plans and projections. They should suggest ways to get the most out of any financial software and systems that your business is using. Your bookkeeper is also responsible for compiling financial documents that your tax preparer may need when preparing your business tax return. They should work with your accountant to identify financial processes that add little to no value and eliminate or streamline them.
Virtual Jeannie Bookkeeping Services Inc. is a trusted bookkeeping firm in Santa Rosa and serves all of Sonoma County. We help businesses improve financial processes. Our bookkeeping experts leverage their specialized knowledge to develop customized bookkeeping solutions for small and mid-sized businesses. To make an appointment, call us at 707-664-1425.