1. Data entry: Records all incoming and outgoing financial transactions. Each entry should be recorded once occurred to enable the business owner to reconcile and use the information quickly.
2. Monthly Account reconciliation: This means to compare the financial transactions recorded with a bank statement to ensure the information matches.
3. Accounts receivable: Controls the tracking of bills and invoices, to includes issuing invoices and the monitoring of overdue payments.
4. Accounts payable: Tracks and monitors the timeliness payments to help the Business owner avoid unnecessary fees.
5. Payroll: Processing and calculating the salary amounts workers have earned, making the deductions required, and ensuring the correct payouts are distributed to employees by the scheduled date and the books are reconciled against that total amount
6. Reporting: Produce monthly reports, such as profit and loss statements, Balance Sheets, Cash flow Statements, and any other forms of custom reporting that the business owner may find useful.
7. Saving you Time: Finally, one of the most important metrics is the amount of time this will save you as a business owner. The removal of these task off your daily/weekly/monthly lists free you up to work more on the business, increasing planning and profitability.
This list is not all inclusive but paint a solid picture of the benefits of having a certified bookkeeper.