Terry F. Meany July 17
What Does a Bookkeeper Do?
Abookkeeper is a financial service provider who expertly manages and monitors your day-to-day finances, cash flow, bills, invoices, and improves your money management. Your bookkeeper will consolidate your books, chase down past-due payments, pay suppliers on time (in other words, manage cash flow), ensure accuracy between your books and bank account(s), and manage your payroll. And, her experience will give you peace of mind while ensuring your records are accurate, mistakes and penalties are avoided, and point out cost-saving practices to your business.
A bookkeeper allows you to grow your business, service your customers, and work on product development -- all the activities that make you money while the bookkeeper tracks your receipts and transactions, reconciles accounts, all the tasks you dread. Her regular reports and accurate records will guide your business growth or, when necessary, help you reign in expenses and overhead.
Of course, you can do your own books...
if you want to devote the time, develop the skills, and avoid the pitfalls to do so. This will include dealing with:
• Credits and Debits
• Invoicing and Accounts Receivable
• Bills and Accounts Payable
• Payroll and Liability
• Budgets
•Taxes
• Reconciliations
• Inventory Control (FIFO, LIFO)
• Depreciation Schedules
• Month-End, Year-End Closings
A bookkeeper can also help your DIY efforts to do your books correctly and on-time. Scheduling quarterly work sessions with your bookkeeper throughout the year will keep you on the straight, narrow, and accurate path to bookkeeping bliss.
DO YOU WANT TO BE THIS GUY?
Nobody wants to be this guy
Let’s face it, bookkeeping is one of those admin tasks most people would like to avoid but do so only at their own peril. Bookkeepers are detail-oriented and will keep you out of trouble (and away from penalties) from unintentional late tax payments. Good bookkeeping can also save time and money when submitting records to your accountant, who really doesn’t want to see you come in with a shoebox full of receipts and payroll stubs. Regular, properly prepared balance sheets and income statements provide an accurate picture of your business health and allow you to plan the future.
BOOKKEEPING HAS A LONG HISTORY
The Mesopotamians used clay tablets to record trade, a bit clumsy, but a record is a record. The Egyptians one-upped them by using the considerably more portable and storable papyrus for their records.
Clay tablets make editing transactions very difficult
The Romans made extensive use of bookkeeping when expanding their empire, a feat readily ignored by the invading barbarian hordes.
Double-entry bookkeeping (credits and debits entered for each transaction) was created by smarty-pants Luca Pacioli, an Italian friar and mathematician, which he first published in 1494.
The Industrial Revolution brought more sophisticated and extensive bookkeeping efforts in a move towards standardized accounting practices. The twentieth century wowed us with adding machines, calculators, and computer software. Our newest tool, artificial intelligence (AI), both wows and bewilders, but promises to be provocative.
Bookkeeping allowed civilization to thrive and populations to grow, helped ensure fair trade and compensation for work performed and services rendered, and ensures Amazon will fulfill most consumer fantasies and desires with ridiculous efficiency.
You may not be... no, you really are not, Amazon, but you have the same basic recordkeeping requirements and need for an accurate financial picture of your business so you can stay in that business. A good bookkeeper will get you there.
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Article credit: Heidi Cohen (https://heidicohen.com/use-blog-to-sell/)