Bookkeeping is an essential part of running a business, ensuring that transactions are properly recorded and the accounts kept up-to-date to provide accurate information for future decision-making.
A bookkeeper is responsible for updating files to reflect current contracts with suppliers or discounts negotiated by employees in a way that provides a thorough record of business transactions.
An efficient bookkeeping system in a small business can save up to 15% of operating costs by minimizing errors and preventing the need for a large number of costly information requests.
A small business that keeps accurate records often has an easier time acquiring a loan from a bank, as well as being more attractive to potential buyers of the business.
A bookkeeper is responsible for preparing financial statements that are useful for monitoring the progress of the business, as well as essential for filing income tax returns.
Good organization is important in a bookkeeper’s work. That way, they can more easily locate information if it needs to be submitted for business loans or taxes later on.