Different Things Bookkeepers Do For Small Businesses

Bookkeepers do a lot for your business. For one, they produce invoices, they get people to pay, and they get you ready for tax season. These are only a few of the things that you can expect a bookkeeper to do for your business.

1. Daily Management Of Accounts

One of the main things they do is stay on top of the different day to day transactions going through your business. By doing this with software, it will help you monitor your cash flow. Likewise, it can save you a lot of time you would normally spend inputting data.

2. Maintain Accurate Records

A professional bookkeeping UK company will ensure that your business’ records are fully updated. Likewise, it is their goal to red flag any consistency issues that exist not only between your books but also in your business accounts. All of this ensures that you can get rid of your problems as quickly as possible.

3. Focus On Business Law

Dealing with taxes can be a sticky problem to have. Even making the smallest of mistakes, you could find yourself dealing with a legal situation. This is why it is so important to keep track of the day to day financials of your business. A bookkeeper is there to ensure your business is fully aligned with all of the laws in your industry. They are there to ensure your compliance and not to cause even more issues.

4. Preparation For Tax Season

Along with laws and regulations, deadlines in tax season are very strict. Small business owners typically don’t have the time or energy to focus on tax records and keeping up with tax documents. To ensure the taxman is satisfied and to keep you from having to pay even more fines, you will be able to count on your bookkeeper to ensure the accuracy of your records for the best preparedness.

5. Manage Feeds From Banks

Bookkeepers use software to manage transactions. They will be in charge of managing the bank feeds that ultimately link both your business account with the software for your business which allows you to see your transactions occurring in real-time.

6. Deal With Accounts Payable

Typically it is the bookkeepers who handle the payments that your business needs to make. They will be in charge of handling various payments including suppliers invoices, managing your petty cash, and even your expenses.

7. Manage Accounts Receivable

Another major thing that bookkeepers have on their to-do list is to prep invoices and send them out on-time. This ensures you can get paid on-time. Likewise, they manage your business’ accounts receivable ledger to ensure your data is always up to date. Likewise, they are even responsible for chasing accounts that haven’t paid.

8. Prep Financial Statements

You will find the bookkeeper’s job is to prep a lot of the financial statements of the company. These statements can include critical statements like profit and loss statements, balance sheets, and even cash flow reports. These reports can dictate how well the business is doing, show the business’ bottom line, and even show the operating expenses of the business.

9. Process Payroll

A bookkeeper is typically there to process payroll. They can serve a variety of roles in this but some will assist the business with processing checks and tax payments that are made to employees.

10. Foreign Currency Management

Bookkeepers are typically tasked with having to manage foreign payments. They are there to conduct proper exchange rates and more. Typically, they use a digital bookkeeping app to do this efficiently.

11. Perform Stocktake

For a lot of smaller companies, a bookkeeper will also be tasked with producing inventory reports by counting items in stock. If any issues are found from these reports, they let the business know about them to help you address the problem swiftly.