Every enterprise needs decent financial organization in order to stay afloat. Businesses big and small must find a way to keep track of all the money spent and earned in the company’s name. A bookkeeper is a trusted financial expert who prepares, manages, and documents all financial transactions that occur throughout that company’s life.
But what does a bookkeeper do on a daily basis?
Any busy executive may not find a lot of time during the day to understand the nuances of a bookkeeper’s duties. Let’s explore some of the most important jobs bookkeepers do, the benefits of hiring a bookkeeper for your organization, and the best ways to automate your bookkeeping services for ultimate process improvement.
Bookkeeping Responsibilities
Bookkeeping is one of the oldest professions in the world. The primary responsibility of a bookkeeping accountant is to help a business or organization keep its finances intact through different management and streamlining strategies. A well-trained bookkeeper will know how to keep the past, present, and future clear of any financial errors.
The most crucial job duties of a bookkeeper include handling the financial accounts of the enterprise, monitoring transactions, and defining budgets. In most modern offices, this includes the use of innovative accounting software that can verify financial reporting accuracy and automate the record-keeping process.
Handling Financial Accounts
No matter how big or small a business is, there are likely multiple financial accounts that one must keep an eye on. A professional bookkeeper can handle financial tracking and reporting for anything a business does that has to do with money. This includes planning for future budgets, looking for current trends in industry spending, and helping business owners understand where the financial priorities of the company lie.
Monitoring Transactions
Accountants and bookkeepers will create reports that track all the financial activity of a business. Daily tasks include organizing and storing records and keeping receipts of all transactions through invoices, cash flow statements, banknotes, loss statements, and more. These duties are what allow a company to be able to create more informed budgets while maintaining the upper edge over their competition.
Defining Budgets
Budgets can project future expenses, transactions, and incomes for a set period of time. Enterprises looking to fine-tune their budgetary knowledge should consider hiring a bookkeeper who can gather information about the company’s past financial records to accurately estimate the value of costs, sales, and other monetary needs for the upcoming quarter.
The Benefits of Bookkeeping for Your Business
Business professionals who are untrained in the field of accounting may find bookkeeping to be a dreaded task; hiring a certified bookkeeper can free up any time or stress that would otherwise be placed on the wrong personnel. A good bookkeeping professional will exponentially increase a company’s growth and efficiency by taking care of much-needed financial tasks.
Additional benefits to your business may include:
Cash flow tracking.
It is easy to lose track of all the money that goes in and out of your business account; but, the longer this financial history goes unorganized, the more detrimental it can be when trying to set up a future budget.
Breezy tax season.
Tax time is the most stressful part of the year for any organization executive, especially if there was no time (or people) to prepare for it in advance. A bookkeeper will already have a record of all incomes and expenses for the year, making tax season as easy as filling out a form.
Fraud and error identification.
Your accounting department will probably take a second look at the books each month to make sure all records add up the way they should. This makes it easy to instantly spot an instance of financial error or even fraud.
Audit preparation.
Every large or small-scale business is at risk of being audited at any time. You can make this process go much more smoothly by having financial documents already available for the IRS to review. A bookkeeper will make sure that all record-keeping systems are up to date.
A professional bookkeeper or accounting team can greatly improve the accuracy of data recording and projecting for all of your company’s financial accounts. These tasks can be even more practical when the experienced professional is paired with top-of-the-line bookkeeping automation software.
Increase Your Bottom Line with Bookkeeping Automation with Indevia Accounting
Whether you are an owner-operator or a franchisor looking to streamline the efficiency of your workplace, you can benefit from the time-saving tasks that any well-trained bookkeeper can offer you. Additionally, the right kind of accounting software can automatically take care of receipt tracking and report generation so executives can spend their hard-working hours on other non-financial tasks.
Indevia Accounting solutions offer professional bookkeeping services by connecting bookkeeping professionals with business owners in need of a budgetary cleanup. Additionally, you can get set up with innovative software solutions that can automatically record, process, and download all transactional data that happens within the company. Contact Indevia today to start streamlining your business finances the right way.
