A bookkeeper records the financial transactions of a business, company, or other entity. This includes recording the entity’s sales, expenses, assets, and liabilities.

A bookkeeper usually does some or all of the following:

The Sales Ledger - this includes:

  • Raising sales invoices and credit notes

  • Maintaining customer accounts

  • Creating statements and chasing customers for payment

  • Recording payment of customer invoices

The Purchase Ledger - this includes:

  • Recording purchase (supplier) invoices and credit notes

  • Maintaining supplier accounts

  • Arranging payment of supplier invoices

The Bank - this includes:

  • Accounting for all transactions in and out of the bank account(s)

  • Reconciling the bank account(s).

Other Tasks - this includes:

  • Reconciling loan, credit card and mortgage accounts

  • Maintaining an asset register

  • Creating management accounts and other reports.

  • Other ad hoc tasks not listed above

SHOULD BOOKKEEPERS USE SOFTWARE?


Bookkeeping on paper ledgers and accounts is a relic of the past. Nowadays, all bookkeeping is done on software, either Excel or bookkeeping software, such as Sage or Xero.

Bookkeeping and accounting software is usually inexpensive, user-friendly, and much more efficient than keeping a spreadsheet in Excel. However, small businesses with very few transactions may not need bookkeeping software.

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IS OUTSOURCING BOOKKEEPING A GOOD IDEA?


Outsourcing your bookkeeping can free up your time to focus on other important tasks, such as running your business. Outsourcing to a professional can also ensure the bookkeeping is done accurately.

A good bookkeeper will provide financial reports, such as quarterly profit and loss statements, which are crucial for evaluating and planning for your business.

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SHOULD A BOOKKEEPER USE DOUBLE ENTRY BOOKKEEPING?


Absolutely! Double entry bookkeeping is the most accurate method of accounting for a businesses transactions. Your accounting records are prone to errors and mistakes, which cannot easily be identified, without using double entry bookkeeping.

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