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Maintaining Financial & Operational Information For Your Business

If you are new to the business world and have recently set up your own company, you may be uncertain about various aspects of maintaining your financial and operational information, and may even be unsure of the role of a bookkeeper in helping you to achieve this. Read on to find out how a bookkeeper can play an essential role in your business:

What role do bookkeepers play in businesses?

Helping businesses run smoothly is the primary role of a bookkeeper, and below are listed some of their daily, monthly and annual tasks:

  • Track daily transactions

Bookkeepers are responsible for handling how day to day financial transactions are recorded, and if you already have accounting software in place, then this will aid your bookkeeper greatly.

  • Invoice dispatch and accounts receivable

Client invoices are usually prepared and sent out by a bookkeeper, and the accounts receivable ledger is predominantly their responsibility, too. They often take responsibility for chasing late client payments as well, which can relieve a good deal of stress from your shoulders!

  • Accounts payable ledger

Bookkeepers tend to make payments for the business, and these can include supplier invoices, expenses and petty cash.

  • Cashflow

Business owners should look to their bookkeepers for advice on whether the company needs more cash to be made readily available, since part of their role id to monitor the balance of revenues to expenses.

  • Book preparation

Bookkeepers should work alongside an accountant, and it should be their responsibility to provide them with valid and updated accounts should the accountant require them.

Bookkeepers are generally responsible for upholding many daily aspects of the business to help the accountant(s); enabling them to complete their role and concentrate on strategic financial operations.

How can a bookkeeper help your business maintain its’ operational and financial information?

Below are 5 ways in which a bookkeeper can help your business to stay afloat and ideally, help to make it a success:

  1. Seeing the bigger picture Bookkeepers are responsible for tracking the smaller details of your businesses financial operations, and entering them into the accounting software. They are great at being able to see the bigger picture of where your business stands from this data, and can often do so far more accurately than you would ever be able to.

  2. Minimizing accounting costs An accountant should not be having to waste their time managing daily transactions or payroll; employ a bookkeeper to fulfil these roles and allow your accountant to focus on other more important elements of their job.

  3. Monitoring cashflow One of the primary responsibilities of a bookkeeper is to ensure that your business never runs out of cash, and in employing one, you should never face this issue.

  4. Controlling financial data Even if you can only afford to employ an accountant on a part time basis, if you have the right software in place, this should enable your bookkeeper and your accountant to work together and give your business its best chance of being successful and growing, too.

  5. Keeping your business healthy While the role of an accountant in your business is undoubtedly a vital one, their job is made far harder without a good bookkeeper, and so for the overall health and success of your business, it’s important to have both, and to make sure that they work harmoniously together.

It’s rare that a business will ever succeed without having a good bookkeeper, and for maintaining financial and operational information, they are essential. So, if you are new to the business world and have not yet invested in a bookkeeper, you would be wise to research your options without delay.

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