How Bookkeepers Can Help Your Business

INTRODUCTION

If you hire bookeepers to avail bookeeping services in Toronto there are different duties depending on the business needs of them. Most use accounting software to do their work nowadays. While the role of a bookkeeper is ever-changing, there are some core responsibilities that they all do. If you are wondering what a bookkeeper is responsible for, then you are likely wondering whether you need one or not. Here is a breakdown of what a bookkeeper can do for you.

STREAMLINE THE TECHNOLOGY AND PROCESS

Bookkeeping may sound like an outdated profession (who still keeps records in a physical book?), but they are actually adept at keeping up with the latest technology. They are on top of the latest app or the newest solution to a specific problem in your industry. Bookkeepers can find ways to cut your labour costs and make your back office run smoothly.

Bank feeds link to your accounting software, allowing you to view business transactions in real-time. This software should be able to categorize transactions automatically, but a bookkeeper can make sure they are correctly categorized. They may also have to add transactions manually, like a handwritten cheque.

MANAGE BANK FEEDS

PREPARE FINANCIAL STATEMENTS

Bookkeepers generally prepare three major types of financial statements, which are the balance sheet, profit and loss statement and cash flow statement. Ideally, you should have monthly summaries of these statements as well as a year-end one.

RECONCILE FINANCIAL TRANSACTIONS AND BANK ACCOUNTS

One of the most important tasks your bookkeeper can do for you is reconciling your financial accounts. It ensures your transaction details in your software match the details on your bank statements. You should routinely reconcile your accounts to prevent fraudulent charges, overdraft fees and incorrectly reported transactions.

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