Recording Transactions:

• Bookkeepers record financial transactions, including sales, purchases, receipts, and payments, in a systematic and organized manner.

Ledger Maintenance:

• They maintain ledgers, which are accounts for different aspects of a business, such as accounts receivable, accounts payable, and general ledgers.

Bank Reconciliation:

• Bookkeepers reconcile bank statements with the company's books to ensure accuracy and identify any discrepancies.

Financial Statements:

• Bookkeeping services often involve preparing financial statements, including the income statement, balance sheet, and cash flow statement.

Compliance:

• Bookkeepers ensure that financial records adhere to relevant accounting standards and regulations, facilitating compliance with tax requirements.

Payroll Processing:

• Some bookkeeping services include payroll processing, and ensuring accurate calculation of wages, taxes, and benefits for employees.

Financial Analysis:

• Bookkeepers may provide basic financial analysis, highlighting key performance indicators and financial trends.

Software Utilization:

• Modern bookkeeping often involves the use of accounting software to streamline processes and enhance accuracy.

Budgeting Assistance:

• Bookkeepers may assist in creating and managing budgets, helping businesses plan and allocate resources effectively.

Communication with Accountants: