A Bookkeeper will focus on the daily processes of your business. Their work is an important component to gathering and understanding the financial information needed to run a successful business.
A Bookkeeper will focus on recording and organizing all your financial transactions, posting debits and credits, manage your client billing and revenue recognition, process payroll, manage your payables, maintain and balance the general ledger and preparing your financial statements such as your Balance Sheet, Cash Flow Statement and your Income Statement (also known as your Profit & Loss Statement). They will also help you compile and review your business budget.
A Bookkeeper’s number one focus is managing the general ledger which comprises all the business transactions. The complexity of the bookkeeping will rely mainly on the size of the business, the number of transactions involved, and how often the business owner and bookkeeper need to review specific reports or financial details. They need to be accurate and informed about key financial topics.