Bookkeeper job description template Workable

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided. Most often, their reports go to business owners and managers to help them make decisions. Some bookkeepers, however, are actually involved in strategy development. Because of this, I reconcile my client’s savings account every other month or quarterly.

That’s why you must be aware of upcoming deadlines and plan accordingly to keep your clients’ finances in order. Additionally, be sure to update your records regularly so you can catch any errors. Lastly, keep a copy of each employee’s most recent pay stubs on hand so you can reference them if any questions arise. Review services to see if you want to change any plans for the next year to save money and do an inventory of office supplies to see if you can save money by buying in bulk.

Review Timesheets

Things like checking your cash flow, recording transactions, invoicing and paying bills can’t wait to be taken care of monthly or quarterly, they have to be done on a much more regular basis. A bookkeeper is responsible for recording and maintaining a company’s daily financial transactions. They also prepare reports for the managers and trial balances to assist the accountants. A bookkeeper may also help you run payroll, collect debts, generate invoices and make payments. I recommend that each day, you record your income and expenses into your accounting software.

If your company sells physical goods, accounting software is an easy way to know exactly how much of each product you have on hand. Ensures that no more than seven days will pass before financial statements are reviewed to ensure things line up. At the end of the day, bookkeepers have to go through all the journal entries, and if any entry needs modification, that should be made. For example, if you have recorded printer ink under stationary expenses, but you want to move it to consumable items, do that immediately because later on, you might forget. Based on the revenue and expense data retrieved from different departments, the bookkeeper needs to prepare a proper revenue and expense account. With this account, bookkeepers can predict revenue generation rates, control expenses, and take timely measurements to manage monetary resources.

Task #20. Prepare Reports

You will also want to scan and upload the corresponding document to your transactions on your accounting software. For example, when reconciling your payment transactions, upload the receipts and attach them to the correct transaction. However, bookkeeping tasks go beyond that… Remember to record other transactions as well. Bank accounts have automatic debits, bookkeeping software has fees, credit card statements make you want to scream, and the list goes on.

A multinational corporation performs hundreds of bookkeeping services a second, while a small business might perform less than a hundred in a day. Make sure you gather all that information at the end of the year and have it ready to pass off to your accountant. If you work with any vendors, you want to make sure you’re paying them on time. Every week, make sure to review your open invoices, check deadlines, and pay any vendors as necessary. You always want to have a handle on your business’ cash flow; you want to know how much cash is coming in, how much cash is going out, and how much cash you have on hand. That’s why, every day, it’s important to review your cash position, both at the beginning and the end of the day.

Much of the reason is because it is paper-based and not automated. My client’s credit card is hooked up to the bank account, but I get the credit card statement and am able to categorize all the transactions from there. Responsibilities for bookkeepers can vary widely from business to business, though there are a number of very common bookkeeping responsibilities. Remember that you want to tailor the role’s responsibilities in the job description so that it’s not just aligned with the position but with your company. It is imperative to maintain a proper payroll of the employees of the organization in an appropriate order. Therefore, the payroll file update in a well-ordered way helps the management of the business to calculate the amount spent on the employees and the output earned by the business.

Task 5: Keeping Track of Credit Card Statements

Next week I’ll go over my monthly, quarterly and annual checklists, so keep an eye out for that. Remember, the sooner you send invoices, the sooner you get paid. You want your clients to still remember the wonderful care you provided their pets when they receive your invoice. So stay on top of sending invoices and try to send them the same exact day your client brought their pet in for care. Simplify your life and save time by using your accounting software to complete this task. Create your invoices and choose when you want them sent.

This customizable bookkeeper job description sample can assist you as you create a job application that will attract the right candidates. Feel free to revise this job description to meet your specific job duties and job requirements, and find more ideas for crafting your description by browsing Monster’s bookkeeper job listings. Make sure you reconcile all of your accounts, not just your bank accounts. Reconciling QuickBooksis the most crucial bookkeeping task of each month because it is the only way you know you have accounted for all of your activity. If your business sells a physical product, then your bookkeeper should be keeping track of your inventory and meeting with the CEO, CFO and/or Controller about inventory reserve.

Payroll processing is one of the most important aspects of running a business. Whether you use a bookkeeping service or have accounting software, your staff works to get paid, and you need to take this seriously. Let’s say your account closes on the 25th of each month, and your monthly bank statement isn’t sent/received until the 7th. By the time it arrives, days have passed since your earliest transactions in that cycle, and there’s been a slew of new business transactions.

Transactions that occur within a business must be carefully recorded to maintain accurate financial reports and records. Recording financial transactions daily helps you maintain an up-to-date record of your clients’ accounts. It allows you to identify and correct any errors or discrepancies in a timely manner. We’ve created a list of nine daily bookkeeping tasks to help ensure your clients’ books are up to date every day of the year.

A good Bookkeeper is detail-oriented, organized and proficient in bookkeeping software. They also take initiative, prioritize and can regularly meet deadlines. Another essential part of being a good bookkeeper is being trustworthy and honest because you’re privy to so much important and confidential information. As you begin the process of drafting your job description, consider putting together the top 10 functions of a bookkeeper for your company. You want to make sure that these are clearly reflected in your job description so that candidates understand your specific needs and how their skills align with those needs. You can rest assured that we will work closely with you to create actionable business plans and accurate financial reporting.

You have a few options when it comes to keeping tabs on your daily bookkeeping checklist. By summarizing cash sales, your clients can gauge their performance over time and identify any trends. Without accurate summaries, they would have a difficult time managing their finances and making informed decisions about their future. This essential task assists your clients in making vital financial adjustments when needed. See why over 7,000 accountants and bookkeepers use jetpack workflow.

• Bookkeepers may also share some jobs with accountants, such as the preparation of annual financial reports and tax returns.
• I estimated the time it would take me based on the maximum amount of time it would take.
• You may choose to do this weekly or bi-weekly if cash flow is a particular concern for your business.
• For example, if you have recorded printer ink under stationary expenses, but you want to move it to consumable items, do that immediately because later on, you might forget.

Sometimes a transaction will come through and be categorized wrong, or maybe it’s a new vendor that they’ve never had before. In those examples, it requires me to use my knowledge to categorize each transaction accordingly. If it’s a new vendor, I will Google and try and figure out what it is and know where to categorize it, but if I can’t figure it out on my own, I will ask my client what they spent the money on. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.

The accounts receivable system is only as accurate as of the transaction data input to it, so make a point of checking balances against cash management reports each week. Here are some daily bookkeeping tasks that can help increase transparency and reduce the burden imposed during the tax season. Filing your business taxes is one of the most important annual bookkeeping tasks, so make sure you file (and file on time and before any relevant tax due dates!) each year.

Usually, the entry-level salary for both bookkeepers and accountants tends to be similar; however, the earning potential of an accountant tends to increase as their career progress. It is not uncommon for an experienced bookkeeper to make a career transition into accounting or another profession. As bookkeepers work closely with raw data, they tend to develop a good understanding of how a business works.

Much like with AR, a company can set up an accounts payable aging report in its account system to track money owed and due dates. Employees should reconcile invoices with purchase orders and confirm receipt of goods before payment (i.e., three-way match). Make sure to have different people cut and sign the checks to prevent fraud. Identify customers who haven’t paid invoices on time and follow up by email and phone.

• A good Bookkeeper is detail-oriented, organized and proficient in bookkeeping software.
• An outsourced bookkeeper can easily handle all weekly tasks so that you can focus on smooth business operations.
• But there are still common steps every business should follow to ensure sound bookkeeping practices.
• Figure out what the most important reports are for your particular client and ensure he gets them from you each month or quarterly.

Depending on your employee structure, you’ll need to file IRS Form W-2 and Form 1099-NEC each year. You’ll also need to send copies to your employees/contractors. Learn the eight steps in the accounting cycle process to complete… Taking stock of your company’s performance and health is essential for further planning and strategizing, so it is necessary to make sure that the data presented is accurate.

Knowing your projected cash flow is also critical to making informed business decisions. This used to be unfeasible for businesses, but it’s easy to automate and essential to making sure you’re not caught with delays, thanks to cloud-based accounting. Even losing a day or two of data can have severe repercussions for your business, so back up every day. Some cautions – a credit card statement is not a receipt! A bank statement is not a receipt; it verifies the income and expenses you reported.

Bookkeepers will also be responsible for preparing some significant financial statements for small businesses. These can include a profit and loss statement, balance sheet and cash flow statements. That sums up my daily and weekly bookkeeping checklists.Remember to download my checklist form HERE for your own use!