Bookkeeping
What does a bookkeeper do for you?
A bookkeeper tracks and records all of your business income and expenses. All of this data is carefully labeled to provide you with an accurate picture of where you are spending your money and how you are getting paid.
At the end of the day a bookkeeper will help you get through an audit by making sure your records are accurate and that you are staying compliant with your deceptions.
Typically bookkeepers are responsible for preparing four key financial statements:
Profit & Loss, which shows your revenue and your expenses over a specified time period
Balance sheet, which is just a snapshot of your financial position at one point in time
Cash flow statement, which is a record of the cash and cash-like hard equivalents entering and leaving your company
Statement of changes in equity (also called a statement of total recognized gains and losses) which shows how your share capital, reserves, and retained earnings have changed in a reporting period
Some other important things they can do to help your business run like a well-oiled machine:
Tag and monitor your fixed assets
Collect and remit sales tax to the government
Pay any supplier or contractor invoices
Monitor debt levels and apply payment to any debt as it comes up for payment
Record incoming cash and deposits at the bank
Reconcile accounts every month
Issue financial statements
Equip your accountant with accurate financial statements come tax time
Maintain your annual budget
Report on issues and variances when they pop up
Process payroll