The process of bookkeeping is centred on filing and keeping track of all financial transactions that a business undertakes. Typically, a bookkeeper would often create a summary of these activities to serve as a guide on a business’s financial health. Their tasks would also include compiling invoices, facilitating the payment of bills, getting tax returns ready for applicable deadlines, keeping a close eye on important financial indicators specific to a business, and in some cases also advising business owners on financial strategies.

In a nutshell, bookkeepers are tasked with entering data as well as bank reconciliation – especially when it comes to small businesses. Other core responsibilities of a bookkeeper include:

• Monthly reports;
• Following up on accounts (received and payable);
• Filing taxes;
• Putting together yearly reports for profits and losses as well as balance sheet reporting;

• Assisting business owners with their budgets and forecasting;

As you scale your business, you need every available moment to work on your growth and strategies to achieve your goals. However, when you become bogged down with day-to-day admin, you might end up spending more time trying to figure out financial processes and software – adding extra stress to your schedule that is likely overloaded.

When you employ an external bookkeeper, there is less stress on your already constrained schedule, and you can rely on a professional to handle those key financial or recording processes that you often do not have the time for.

Also, because most bookkeepers can provide service packages aligned with the budgets and needs of their clients, there is more than enough room to create a solution that will work for your company.