A bookkeeper’s primary job function is to organize and/or maintain your financial records as a support function to the work your accountant does. Your accountant should be a valued advisor dedicated to helping you make important financial decisions. Ultimately, bookkeepers manage information so your accountant can accurately interpret and guide your financial health.

Typically, your accountant’s primary focus is in advising you on issues like tax planning, dividends, corporate structure, and the overall perspective of your business. A bookkeeper assures your accountant has accurate and organized information that is a necessary component to the advice he/she provides you. Without accurate financial information, an accountant’s performance is hindered. Most accountants do not hesitate to disclose that their strength is not bookkeeping and will often suggest you find a good bookkeeper to handle tasks such as:

  • Update and maintain accurate records on vendors and customers
  • Create, update, and maintain a chart of accounts
  • Post accounting transactions from source documents including receipts, invoices, credit cards, and other documents
  • Reconcile all asset and liability accounts
  • Reconcile Bank Statements and ensure financial information is posted to the correct accounts
  • Maintain an accurate general ledger that lists every transaction posted to the accounting record
  • Prepare a trial balance to enure everything is accounted for, to the penny, and post adjusting entries as necessary to produce an updated and accurate trial balance in compliance with Generally Accepted Accounting Principles (GAAP)
  • Monitor accounts to improve cash flow: receivables are collected and vendors are paid in a timely manner
  • Analyze and monitor books for errors
  • Process payroll and submit payroll taxes

Can I keep my own books?

Of course you can! Many small business owners do. Many others prefer to focus their attention on growing their business. Perhaps you are proficient in QuickBooks® or another accounting software. You might send your own invoices, post transactions, and process payroll but are you qualified, and do you have the time, to properly categorize and keep your financial data in order so your accountant can guide you in making well-informed strategic decisions?