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There are various nationalities of accounting. This slide shows the function of accounting. Know the details here.
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Functions of a bookkeeper • Accounts receivable • Accounts payable • Payroll • Other tasks
Accounts receivable • They prepare invoices or statements for customers so that bills can be paid and funds collected. • Keep track of overdue notices and send payment reminders. • Contact customers to collect funds owed. • Prepare bank deposits • Verify and balance receipts • Track and count cash drawers and sales records.
Accounts payable • Keep track of debits or funds • Make purchases, pay bills owed to vendors or send payment for other items • They update records to reflect the transactions. • They keep electronic balance sheets to monitor
Payroll • They look after the payroll functions of a business. • They calculate employee salaries or hours, determine paycheck amounts, keep tax withholding records and issue paychecks or send information to a contracted payroll company. • They keep records of payments made to employees and use them to reconcile business statements and keep track of business expenses.
Other tasks • Bookkeepers have to stay informed inside the business to ensure that all money is accounted for. • They must create or use systems for communicating with employees to track expenses or payments. • In many businesses, bookkeepers are also responsible for making sure that taxes are paid to local, federal and state governments. • They must submit tax documents to the appropriate offices, ensure that employees have proper documentation and identification on file, and calculate estimated taxes when necessary.
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