Our bookkeepers at PL Consulting handle many tasks when working with your business. Keep reading to learn more about bookkeeper responsibilities and how we can handle finances for you.
Bookkeepers Main Responsibilities
Bookkeepers are responsible for a variety of daily, weekly, monthly, and annual tasks. The following responsibilities are the most common among bookkeepers. All responsibilities break down into these components.
- Accounts Receivable
- Accounts Payable
- Bank Reconciliation
Bookkeepers send out invoices to your clients when they perform services or complete product transactions. All information about receiving (or not receiving) payment is kept track of by your bookkeeper.
This responsibility focuses on paying the bills to vendors. Having an improper accounting system setup can deplete your cash flow too soon or cause you to double pay vendors. Bookkeepers monitor bill payments, due dates, and vendor information.
Your bookkeeper will consistently go through all your bank and credit card transactions. The main purpose of this is to categorize them, make sure there are no duplicate transactions, and ensure that no suspicious charges occurred. Once they enter everything, bookkeepers reconcile each account against their bank statements to confirm nothing is missing.
Bookkeepers review employees’ work hours, days off, commissions, and garnishments. Once they enter everything, management approves it before processing. Once processed, bookkeepers pay all state and federal liabilities, file quarter-end and year-end reports, and get all new employees properly set up in the system.
Bookkeepers vs. Accountants
There is a thin line between accountants and bookkeepers nowadays, especially with software that allows business owners to digitally track their finances and accounting on their own. There are still many differences between the two. Some businesses require both, while others just need to hire one of them to help.
In a recent blog post, we answer the question, “What exactly do accountants do?” Read both blog posts to help you determine which one will best suit your business’s needs.
Can Bookkeepers Prepare Taxes?
Bookkeepers can prepare taxes, but they typically do not. It is best to hire a CPA to complete your taxes for you and your business. Instead, a bookkeeper prepares detailed financial statements, performs audits of public company books, and prepares reports for taxes.
Hire a Bookkeeper from PL Consulting
Our professionals at PL Consulting and Bookkeeping Plus offer diverse services related to all your financial matters.
The benefit of working with PL Consulting is that you do not have to choose between different companies if you need a bookkeeper AND accountant. Our company is proficient in both with a focus on small to mid-size businesses. We are your go-to resource for bookkeeping and accounting services.
Our team serves the Baltimore, Maryland area and beyond. We customize our services to each client. Your ideas are unique to your business, and we understand that. We help you maintain good records and financial statements.