What Does a Bookkeeper Do?

Bookkeepers are the financial workhorses of small- and medium-scale businesses, handling everything from documenting daily transactions to preparing payroll for employees.

While some Mandurah bookkeepers are BAS/Tax Agents and work as contract bookkeepers, most work in an administrative capacity as employees.

With the complexities around GST and Payroll in Australia qualified bookkeepers need to have at a minimum a Certificate IV in Financial Services – Bookkeeping.

A Bookkeeper’s Main Responsibilities

Keeping records is a bookkeeper’s chief task in most companies. However, smaller businesses give their bookkeepers a more diverse range of responsibilities that may include any – or all – of the following:

  • The daily management of company accounts, including daily sales, purchases, and petty cash;
  • Updating business records regularly and checking each for accuracy;
  • Handling transactions involving foreign currency, including daily checking of exchange rates, particularly in companies that have foreign clients or do business overseas;
  • Preparing the company’s general ledger and books for an external audit;
  • Handling the company’s cash flow and – in a small business – stock inventory;
  • Sending out payment invoices to clients and managing receivable accounts;
  • In more tech-savvy companies, bookkeepers also handle online transactions with the company’s bank or choice or handle incoming and outgoing transactions through retail monitoring software; and
  • Ensuring the accuracy of documents related to the filing and payment of corporate taxes.

Also, in companies with less than 20 employees, the bookkeeper may take on a human resource professional’s responsibilities. Some of these tasks include preparing fortnightly or monthly payroll or handling relevant documents and transactions for employee benefits. 

What Are the Advantages of Having a Bookkeeper?

A good bookkeeper is a valuable company resource. They help a company make better decisions regarding daily financial transactions. Over time, a bookkeeper can understand key business metrics such as operational costs, revenue, and profitability, as well as its seasonal flow, to ensure that operations flow smoothly.

Many small businesses may not afford to employ a part-time bookkeeper, a contract bookkeeper can provide bookkeeping services and additional support as a BAS Agent that will ensure the business has met their GST and Payroll reporting obligations with the ATO.  A good contract bookkeeper will also liaise with the business owner’s accountant providing a strong financial team to provide the support they need to grow a successful business.

Get a free consultation on professional bookkeeping services now at Additional Business Concepts.

Leave a Comment