When it comes to bookkeeping services, one of the things that come to mind is a person that handles the book of the company or business. While this is true, it is important to note that there are more things that a bookkeeper can do and we are going to tackle them in this article. Data entry is without a doubt one of the primary roles of bookkeeping service, which includes processing payroll, managing payable and receivables, preparing and filing tax, bank statements reconciliation, and preparation financial statements.
To have an in-depth understanding about the services offered by bookkeepers, check out below details:
- Manage the organization’s cash flow –Bookkeepers are integral part of an organization for through them account payables as well as receivables are handled diligently. Through their expertise, a business organization will be able to have a healthy cash flow.
- Bookkeepers play a significant role in budget and financial forecast – Not only will the current financial situation of the company or organization is handled, but as well as the future. One thing that a seasoned bookkeeper does is creating budget and financial forecast, which a company can greatly benefit from, especially when looking at a long-term growth.
- Payroll processing – Let us admit it – if you are running a business or an organization, it is quite time-consuming tending to payrolls, especially for big businesses or organizations. Bookkeepers can efficiently handle payroll processing such as calculating the wage of each employee, payment processing, tax and benefits management, and making sure that everything is in accordance with the rules and regulations of the company.
- Handling financial reports and bank reconciliation–The organization’s financial reports are also being handled by bookkeepers such as the statements of cash flow and statement, balance sheet. Bookkeepers also play a vital role in identifying any errors or discrepancies in the company’s bank statements; basically, all paper works that are deemed vital to the organization’s financial growth.
- Assist in preparing and filing of taxes –Tax filing is mandatory, but also considered one of the pain in the ass of business owners. For this reason, a bookkeeper can assist businesses in getting their taxes in order from preparation to filing.