Tracking your company’s finances is a crucial aspect of your work as a small business owner, regardless of whether you’re a lawyer, restaurant owner, or software founder. Unfortunately, it frequently comes last on the priority list, far from “revenue-generating” tasks like closing deals and providing customer service.

You wouldn’t be able to perform things like figure out your profit margin, bill clients or keep from overpaying taxes without financial records. But the truth is that keeping your company’s accounts up to date might help you earn more money and expand your enterprise. An experienced bookkeeper can help with that.

A capable bookkeeper can assist in taking the challenging chore of keeping track of your company’s financial activity and turning it into valuable, actionable data. So what does a bookkeeper do?

1. They Add Financial Transactions To Your Spreadsheet Or Software.

Using invoices, credit card statements, bank statements, receipts, and other documents, bookkeepers keep a complete account of all financial transactions for the company. If this is part of your present job duties, you know it requires time, perseverance, and a trained eye. You can better understand how your firm operates and identify areas where it may improve with reliable records that serve as a strong foundation.

2. Compare The Accounts And Note Any Discrepancies.

Bookkeepers can assist you in finding places where you might be overpaying for goods or services and where you might not be getting paid what you deserve or agreed upon by routinely reconciling credit card and bank transactions.

3. Compile Record Cash And Cheques That You Receive.

When a bookkeeper monitors the money entering your company, you can be sure that someone is watching out for your interests. Since they are familiar with your accounts receivable, bookkeepers can identify customers who are paying late or haven’t paid the total amount they owe. You can lose money on this aspect of your business without even being aware of it if no one is routinely monitoring it.

4. Create Financial Reports That Will Improve Your Understanding Of Your Company.

Bookkeepers can generate reports like balance sheets and profit and loss statements using correct, timely records. These kinds of records are essential for assisting you in making informed judgments and comprehending all of the ramifications of any option.

Need Help?

Bookkeeping is essential for keeping track of business records. KPG Taxation maintains current and accurate bookkeeping to handle your ongoing transactions, accounts, and other business records. Call us today to know more!