What Exactly Does A Bookkeeper Do?
A bookkeeper can play an important role for businesses of any size. They keep your finances balanced and make sure you’re 100% compliant. But when you’re hiring someone to help your business, it’s understandable that you want to know exactly what they will do.
In this post – the first in a 6-part series on bookkeeping – we take a closer look at the role bookkeepers play, their day-to-day tasks and how they add value to your company.
The role of the bookkeeper
A bookkeeper’s responsibilities depend on the type, and of course the size, of the business at hand. Generally, however, the role focuses on finance management and balancing the books. This involves dealing with important financial documentation and recording activity like sales transactions, payroll and purchases in the company ledger.
Basically, if your business is spending and making money, a bookkeeper can help you keep track of it.
So, what are the ins and outs of bookkeeping?
One of the main responsibilities is processing company transactions. This includes preparing paperwork, checking invoices and updating financial records and bank accounts. With this, businesses can stay organised and ensure everything is 100% above board.
Bookkeepers also produce financial reports, helping businesses track transactions and spot any discrepancies in their finances. Income statements are also a helpful way for bookkeepers to show you your revenue and expenses.
Day-to-day bookkeepers will also need to liaise with employees to understand budget needs and track inventory. Whether it’s cash flow, specific expenditures or reconciling accounts, bookkeepers are there to help your business run smoothly.
The important skills
To do so, there are some useful skills and qualities to look for in a bookkeeper.
When dealing with numbers and figures, bookkeepers need to be comfortable with industry jargon and any technical financial terms. Essentially, this means they can streamline your finances with no need for you to worry about any misunderstandings when it comes to the books.
Due to the complicated nature of finances, bookkeepers also require a great attention to detail. The role is much more complicated than simple data entry and requires a strong mathematical understanding. After all, accuracy is of the utmost importance when it comes to your accounts.
Bookkeepers also need a thorough knowledge of specialised bookkeeping software. Needless to say, when dealing with confidential documents and financial details, bookkeepers need to maintain company discretion, being both professional and trustworthy.
Finding professionals bookkeepers doesn’t have to be a tricky task. UWM have over 30 years’ experience helping businesses thrive. Based in Leeds, our fully managed bookkeeping services give you total peace of mind that your business’s books are 100% compliant.
Whether it’s bookkeeping or simply financial guidance, we provide a tailored service to fit your business needs and put your goals above all else. Get in touch today to see how we can help you.