What Does A Bookkeeper Actually Do?

A bookkeeper is responsible for maintaining a business's financial records and ensuring transactions are recorded and organised correctly. Depending on the business, bookkeeping can include recording income and expenses, reconciling bank accounts, processing invoices, managing supplier bills, handling accounts receivable and payable, processing payroll and maintaining accounting software such as Xero. One of the most important bookkeeping tasks is bank reconciliation. 

This involves comparing the transactions recorded in the accounting system with the actual transactions shown by the bank and identifying discrepancies. A bookkeeper may also monitor outstanding customer invoices and supplier bills so the business has a clearer picture of money coming in and going out. For businesses using Xero, a bookkeeper can maintain the accounting file, review automated transaction matches and help keep records current. 

Regular bookkeeping can also make BAS preparation easier because transactions are reviewed throughout the reporting period. It is important to understand that bookkeeping and accounting are not exactly the same thing. Accountants may provide tax returns, financial statements, tax planning and broader business advice, while bookkeepers generally focus on maintaining the underlying financial records. The exact responsibilities depend on the agreement between the business and the professional. 

Young Guns Bookkeeping provides bookkeeping services to Melbourne businesses, including Xero bookkeeping, bank reconciliation, payroll, accounts payable and accounts receivable. A good bookkeeper should help ensure that financial records are accurate, organised and up to date so business owners can make decisions using reliable information.