August 4, 2021
The main job of a bookkeeper is, to say in one word, keeping the books. But, it is only one of the primary duties that a modern bookkeeper has to deal with. Based on the business company they work in, they may have a variety of duties. In this blog, we discuss all the responsibilities that bookkeepers in Perth have to perform.
Responsibilities of A Bookkeeper Perth
In general, bookkeepers Perth are responsible for providing the most accurate and updated financial information about the company. As they handle all the financial management duties, they can take the pulse of a business. Sometimes, a bookkeeper, after analysing all the financial information, prepares a report and sends it to the business authority. The management reads all the included information and then takes an important decision.
But, most often, they make more contributions in the development of strategy. Bookkeepers may also perform some other duties, which professional accountants generally perform. These duties include tax returns and preparing yearly financial reports.
Read More:- What Accounting Services Are Offered by Bookkeeper Perth?
What Are The Bookkeeping Perth Duties?
Whenever you hire a bookkeeping service for your Perth-based small business, they will always tell you about two primary tasks: bank reconciliation and data entry. Without these tasks, no other bookkeeping duty is possible. This section will discuss core duties, some additional duties, and other advanced duties in bookkeeping Perth.
Core Duties of a Bookkeeper
In general, the core duties of a bookkeeper are as follows.
- Data entry: It is the foundation of a bookkeeping service. As the name suggests, the process of data entry refers to the recording of all the financial transactions, i.e., incoming and outgoing flow of money. This way, they balance the books. Without data entry, your business may hugely suffer.
- Bank reconciliation: The bank reconciliation method involves comparing the monetary transactions with the bank account statement. The entries should readily match the transaction records. It helps a lot to detect and solve data entry issues.
- Monthly report preparation: A bookkeeper generally has to prepare a large number of financial reports. Among these reports, the most important ones are the profit and loss report, balance sheet, cash flow statement, aged payables, and aged receivables. These reports are highly beneficial because they help the business owner understand the profitability of the business.
- Additional duties of a bookkeepers Perth: Apart from the core duties as mentioned above, there will be some additional duties that Perth-based bookkeepers have to handle.
- Managing accounts receivable (and credit control): The accounts receivable method involves sending invoices to the customers and tracking those documents to check the payment. Generally, what bookkeepers do is decide how long the business customers have to pay the invoice and prepare the necessary papers. Before they proceed, they make agreements with the customers on the payment terms. Sometimes, they need to follow up for overdue payments.
- Managing Accounts Payable: It is exactly the opposite of accounts payable. Here bookkeepers check whether the bills get paid on time or not. Bills are recorded as soon as they are received. These bills also go through an approval process. Once the authority confirms that the goods are received, the payment schedule is fixed according to the vendor’s terms. Once the bills are paid, the bookkeepers update the books.
- Payroll Management: Payroll is a crucial aspect of a business system, which involves calculating employee payments, important deductions like tax and retirement contributions, and finally, distribution of payments among the employees on payday. Bookkeepers compute all the pre-tax and post-tax amounts and determine the net income. They may include some extra costs for the employer, which may be insurance contributions and payroll taxes.
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Advanced Duties of A bookkeeper in Perth
In addition to all the core and additional duties, there are several advanced duties, too.
For every small business, it is mandatory to file a tax return at a specific time of the financial year. A professional bookkeeper can help you with tax return filing.
A bookkeeper prepares the yearly profit and loss reports and balance sheets.
Modern-day bookkeepers do not deal with maintaining financial records only. In addition, they can give beneficial business plans, help make budgets and forecasts, and give advice on business improvement.
Modern-day bookkeepers use software applications for their job and implement helpful software solutions to simplify the business process and improve performance.
Business owners and company staff have to be well aware of the bookkeeper’s work methodology. And for that, they can give sufficient training to the team.
Bookkeepers can also provide full-fledged virtual offices like postal addresses, telephones, email communications, etc.
Bookkeepers can meet with accountants to discuss tax queries and financials.
For best-quality bookkeeping or payroll management services for your business, you can get in touch with top professionals from Bookkeeping Perth.