Bookkeeper Job Description +2023 TEMPLATE

what exactly does a bookkeeper do

When you onboard an employee, you must have them sign I-9 and W-4 forms, report new hires to your state’s department of labor, ensure you’re set up to file payroll taxes and post any required notices in shared workplaces. Below is a sample bookkeeper job description that you can customize to meet the needs of your business. A simple way of comparing the two is that bookkeeping is step one in the financial process, while accounting is step two.

In the past, bookkeeping was a largely manual process involving the use of ledgers and spreadsheets. However, the world has evolved, and our bookkeepers now have access to a wide range of software and tools that make the process much faster and more efficient. Before we dive into the details of what a bookkeeper does, it’s important to understand the difference between bookkeeping and accounting. While both terms are often used interchangeably, they are actually two distinct processes. Learn what it is and how to hire the right remote bookkeeper for your business. Every business has needs that are unique to them and their industry, and having excellent bookkeeping systems and people in place can help reach your business’s short- and long-term goals faster.

Understanding Bookkeeping vs. Accounting

Simply put, bookkeepers are professionals who have an accurate eye for detail who manage and record all of a business’s financial transactions. A bookkeeper is responsible for recording transactions into the system, which is part of the wider and more general practice of accounting. Bookkeepers record financial transactions, post debits and credits, create invoices, manage payroll and maintain and balance the books. At the same time, bookkeepers don’t dive into any of the analyses that accountants will. In this vein, bookkeeping is a much more basic task than accounting for small businesses.

  • This guide will walk you through the different methods of bookkeeping, how entries are recorded, and the major financial statements involved.
  • This can be quite burdensome, especially if you sell products or services online or across a number of state boundaries.
  • Your part-time online bookkeeping cost will often be less expensive than that for a traditional bookkeeper.
  • Accountants also take the financial information compiled by you or your bookkeeper and use it for modeling business plans and for offering strategic advice.
  • Every business has needs that are unique to them and their industry, and having excellent bookkeeping systems and people in place can help reach your business’s short- and long-term goals faster.
  • A good bookkeeper stays on top of those issues so you can stay on top of your business.

If you take your time and choose the right online bookkeeping agency, you can get all of your accounting needs met at a fraction of the cost of traditional bookkeepers. This can help your business be more efficient overall, without having to outlay as much upfront cash to get the services you need. With the advent of bookkeeping and accounting software, the role of bookkeepers in most organizations has undergone a significant transformation.

Small Business Accounting Services

It’s usually bookkeepers who make payments on behalf of your small business. This can include anything from payment of supplier invoices, Running Law Firm Bookkeeping: Consider the Industry Specifics in the Detailed Guide petty cash and expenses. Producing invoices, chasing payments, getting you ready for tax deadlines and processing payroll.

what exactly does a bookkeeper do

As previously mentioned, there once was a time when all financial transactions were into a book. Of course, as we now sit comfortably in the age of technology, these statements are entered on to a computer. This level of number entry is very repetitive and labour-intensive, and if undertaken by a small business owner, it will be put off for a very long time. Every day your business is in operation, there will be company outgoing in some way, shape, or form.

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