What Does A Bookkeeper Do?

A bookkeeper maintains and organises the financial records of a business. Their work generally involves recording financial transactions and ensuring the accounting system accurately reflects what is happening in the business. 

Common bookkeeping tasks include recording sales and expenses, reconciling bank accounts, processing invoices, managing supplier bills, monitoring accounts receivable and payable, processing payroll and maintaining accounting software. Bookkeepers may also assist with preparing financial records for BAS reporting and provide information to accountants for tax and financial reporting purposes. Bank reconciliation is particularly important because it helps confirm that transactions recorded in the accounting system agree with the business's actual bank activity. 

A bookkeeper may investigate discrepancies and correct records where appropriate. In a cloud accounting system such as Xero, bookkeeping can involve reviewing bank feeds, matching transactions, maintaining contacts, processing bills and invoices and keeping the accounts up to date. 

The exact role depends on the business and the services agreed with the bookkeeper. A bookkeeper generally focuses on maintaining financial records, while an accountant may provide tax returns, financial statements, tax planning and higher-level financial advice. Many small businesses use both services. 

A professional bookkeeper can give a business owner more confidence that the financial records are current and organised. Young Guns Bookkeeping provides bookkeeping services for Melbourne businesses, including Xero bookkeeping, reconciliation, payroll, accounts payable and accounts receivable.