Book-keepers are responsible for providing accurate, up-to-date financial information about a business. They're one of the biggest assets of the business.
As a business owner, you need to make sure that you have accurate and up to date financial information in order to make the best decisions for your business.
As you begin to grow your business and take on more customers, it may become more difficult to keep track of your business expenses and ensure that your books are accurate as it is time consuming.
The two foundational tasks in small business book-keeping are data entry and bank reconciliation.
Here are some duties that book-keepers may be assigned with…
Core duties include:
Data entry: Recording financial transactions and balancing the books.
Bank reconciliation: Cross-referencing the books against bank statements and other source documents to confirm accuracy.
Monthly reports: Summarising the business’s financial position.
Additional duties can include:
Accounts receivable (and credit control): Creating and sending invoices, and following up to get them paid.
Accounts payable: Making sure invoices from suppliers are accurate and paid in a timely manner.
Payroll: Calculating pay and deductions.
Advanced duties can include:
Tax filing: Preparing tax returns.
End of year reporting: Assisting with annual profit and loss and balance sheet reports.
Business strategy: Creating budgets and forecasts, and advising on how to improve the business.
Business process: Reviewing, researching and implementing software solutions and internal controls to streamline the business and enhance performance.
Training: Working with staff on best practice bookkeeping and use of software solutions.
Virtual office: Providing a full-service virtual office, for example telephones, postal address, and email communications.
Liaison: Meeting with accountants, on behalf of their clients, about financials and tax queries. Acting on behalf of the client with the tax authorities.
How a book-keeper can add value to your business
Did you know that around 80% of new businesses fail within the first 18 months?
Poor financial management is one of the main problems for these businesses.
The answer might be surprising – 53% of small business owners don’t have a book-keeper, and they attempt to manage their money themselves.
So, how can a book-keeper add value to your business?
Saves you time and money, through managing your finances for you. A book-keeper will know and understand all the rules and regulations, keeping your business and finances updated.
You won’t miss unpaid invoices. Paying invoices on-time can be a small job, yet if you have many invoices to pay, getting a book-keeper to help you can take the stress away.
They will pick up any cash flow issues. A book-keeper will notice issues with your cash-flow, and will be able to give you the correct advice by providing solutions.
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