Bookkeepers are great multi-taskers. As a result, the role of a bookkeeper will vary from business to business. In the general sense, bookkeepers are responsible for the tracking and maintaining of financial transactions within a business.
1. Accounts Receivable
Accounts receivable is arguably one of the most important roles that a bookkeeper provides a business. The accounts receivable process begins with billing customers for goods or services that have been completed. Bookkeepers are responsible for preparing and sending out customer invoices. A record of goods or services that are being billed are maintained by the bookkeeper and reconciled on a regular basis.
Bookkeepers may also provide data collection services, which involves liaising with
customers with past due invoices to settle accounts.
2. Accounts Payable
Larger organisations may also require bookkeepers to undertake accounts payable services. This involves paying invoices from vendors and ensuring the correct amounts are billed.
Similarly to accounts receivable all information regarding accounts payable is maintained in accounting software to confirm accuracy and maintain financial records.
Payroll is another important responsibility of a bookkeeper. Payroll duties may include monitoring the payments made to salaried employees and verifying them for accuracy, gathering employee sales reports for reconciliation and paying employees’ commission for goods or services sold, reimbursing employees for expenses submitted, processing wage garnishments and collecting employee time sheets in order to verify hours worked and process pay checks.
Bank deposits of payments received from customers or other outside sources should be prepared and entered into the accounts receivable system. Bank statements are reconciled monthly and any discrepancies are researched and corrected immediately.
Depending on the financial structure of a business, bookkeepers will be responsible for the preparation of monthly and quarterly financials reports for the business.
BYBB provides a range of bookkeeping services to clients in Australia. Please contact us to see how we can help you assist your business.