Online bookkeeper is responsible for your books these days and the management of your accounts. Depending on the size or type of business work requirements vary but duties and tasks are mostly the same.
They also do some Additional duties of accounting like financial report making, payroll services et cetera.
Responsibilities
Let’s take a look at the job role of a bookkeeper which is like a pulse for the business.
They are responsible for daily accounts management and the record of daily financial transactions. Moreover, they are also responsible for cross-referencing books with bank accounts to reconcile the books.
In the end, they are also responsible for monthly reports which are summarizing the business financial files as sometimes their reports are supposed to be viewed by owners or financial managers (financial advisors) and help them in decision making.
Some Additional Duties
Bookkeepers are also performing some additional accounting duties like dealing with accounts receivable and account payable and are performing the duties of daily invoicing and billing.
Payroll services have also become their duty in some companies they are calculating the wages and taxes.
Why Hire An Online Bookkeeper?
As we have discussed the responsibilities of a bookkeeper let us discuss now why one needs a bookkeeper. If you have just started your business you might not require a bookkeeper.
But from the first day on a fixed basis but you need ones to set up the accounting software for your initial journey. With time when your business grows you need to take care of your accounts on daily basis.
Here it’s time when you need a professional bookkeeper for your business lets takes a look at the pros of a professional bookkeeper.
Avoid Errors
When you hire a professional bookkeeper it ensures that your books are accurate and done promptly while tracking and recording the revenues and expenses of your business.
These minor errors could be a big problem in the future if you do not take care of them could even cost you penalties or any form of a fine.
Payless Accounting Fees
In lots of eCommerce businesses owners are not need to hire an online bookkeeper on a fixed salary cause might be their business is just has startup and or could be anyone. But they only hire once at the end of the year to file the tax.
So what they do is hire an accountant to start from the earlier periods and make the financial statements which is the bookkeeping. But accountants charge more fees than the Bookkeeper.
Payless Taxes
An experienced online Bookkeeper of your industry has knowledge of expenses and their belongings this can help you a lot as they know which taxes are tax-deductible, hence help you a lot in saving taxes.
Saves Time
Bookkeeping is a very time-consuming and important daily task mostly owners in starting their business prefer to do this but you can save lots of time while hiring a professional bookkeeper and you can focus on your business growth at this time.
Improves Cash Flows
Bookkeeping is very vital for your business as keeping a close check on your receivable and payable accounts will let you know which invoices need to be paid and which customers or vendors owe you money, hence will help you improve your cash flow.
Attract Investors
Update and accurate finances will inclined investors towards your business as messy and pending accounts back off investors.
Business Analysis
You need to know where your business stands and what are the weaknesses and strengths of the business. Sometimes when you are making policies or making decisions you need to estimate future values and a professional bookkeeper definitely helps you to have accurate measures.
Make Better Decisions
When all your accounts are up to date it helps to sketch a big and clear financial picture of your business in front of you and helps you to take better business financial decisions about budgeting, lending, or investing.
Conclusion
As stated above bookkeeping can be done by yourself if you know the basic accounting but its time taking and may lead to further problems like unnecessary errors and lagging back to follow up of the accounts receivables and payables would be a lot of mess.
So if you are the one struggling to keep up with proper bookkeeping and frustrated about the unnecessary errors of bookkeeping and financial statements?
You need a professional bookkeeper to get rid of this headache and to focus on your goals and the growth of your business.