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Common Duties and Responsibilities of a Bookkeeper in Business

Bookkeeping is mistakenly considered to be the same thing with accounting. This confusion is quite understandable as the accounting process includes the bookkeeping function, but is just one part of the accounting process.

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Common Duties and Responsibilities of a Bookkeeper in Business

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  1. What Are the Roles of Bookkeeping in a Business?

  2. Continue... Bookkeeping is mistakenly considered to be the same thing with accounting. This confusion is quite understandable as the accounting process includes the bookkeeping function, but is just one part of the accounting process.

  3. So here are some of the common duties and responsibilities of a bookkeeper in business: 1. Keeping Financial Records Updated 2. Accounts Receivable 3. Accounts Payable 4. Bank Reconciliations 5. Keeping Abreast and Updated of Changes in Regulation 6. Prepare Monthly, Quarterly And Annual Financial Statements

  4. 1. Keeping Financial Records Updated One of the key roles of a bookkeeper is to make sure that company’s financial records are current and up to date and there is a regular reporting system in place. These entail keeping records of every financial transaction of the business and reconcile the accounts to make sure they balance every month.

  5. 2. Accounts Receivable The bookkeeper records and processes the accounts receivable of the company. This includes invoicing customers, receiving payments that must be tracked and deposited, and if necessary, initiating debt collection proceedings.

  6. 3. Accounts Payable The bookkeeper processes purchase orders and matches them against supplier invoices, keeping track of vendor invoices as they come in and preparing checks to be signed by you and pays them before they are due.

  7. 4. Bank Reconciliations The bookkeeper is required to balance the company’s books every month. This is done by going through all the deposits and withdrawals that went through the bank and then reconciles them to make sure they match up with the company’s bank accounts.

  8. 5. Keeping Abreast and Updated of Changes in Regulation This is one of the key duties of a skilled bookkeeper as this is important in reducing a company’s tax liabilities and making sure you are compliant with current tax legislation.

  9. 6. Prepare Monthly, Quarterly And Annual Financial Statements When it’s time for the company to publish its monthly, quarterly and annual report, the bookkeeper is responsible in creating and submitting financial statements for the business. This includes an income statement, balance sheet and cash flow statement.

  10. More Information www.analyzedbooks.com Email: stephanie@analyzedbooks.com Address: 2729 Fl 580

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