Analysing Financial Data

If you’re a small business owner based in Goole, you might be tackling your bookkeeping yourself. Perhaps you’re expanding and are considering a dedicated service to handle the role on your behalf? Whether you’re outsourcing your bookkeeping or taking responsibility for these processes yourself, it’s important that you understand just what this vital business service involves.

In many way, the term “bookkeeping” is misleadingly simplistic. Keeping track of the books is only one of the many tasks today’s bookkeepers must tackle. Depending on the type of small business they work with, a bookkeeper’s duties can be considerably diverse.

Read on for a closer look at what bookkeepers do and the types of tasks they perform for the enterprises they serve.

What are the responsibilities of a bookkeeper?

A bookkeeper’s core responsibility is to provide accurate and up-to-date financial data about an enterprise. With a daily watch on the flow of finances, bookkeepers always have their fingers on a business’s pulse.

In most cases, the reports they issue go directly to managers and business owners, informing and assisting them to make effective decisions. For this reason, bookkeepers can play a key role in strategic development.

Some bookkeepers may share certain tasks with accountants, such as the preparation of annual tax returns to HMRC and other financial reports.

What are a bookkeeper’s duties?

The two core tasks a small business bookkeeper must perform are typically data entry (often on a daily basis) and bank reconciliation. These tasks are foundational, and all other bookkeeping processes are based on them.

Data entry involves the accurate recording of a firm’s financial transactions and the balancing of books. Bank reconciliation, meanwhile, refers to the cross-referencing these books against a company’s bank statements and any other source documents in order to confirm accuracy. Bookkeepers will also issue monthly reports that summarise a business’s present financial position.

Bookkeepers might also handle credit control and accounts receivable, creating and issuing invoices and chasing them to be paid, while accounts payable duties see them ensure suppliers are paid promptly and correctly. Small businesses with staff may find bookkeepers managing payroll, calculating employee pay and working out any deductions necessary.

More advanced tasks sometimes handled by a bookkeeper include preparing company tax returns and even filing them. They may also provide end-of-year reporting, assisting with balance sheets for annual profits and losses.

Professional bookkeeping services in Goole

If you’re now seeking accountancy services in Goole such as bookkeeping, our expert team at Adaptive Accountancy is ready to help. We specialise in providing a selection of professional, qualified services to our clients, including day-to-day bookkeeping.

As a small business owner, you’ll find that with us handling your accounting tasks, you’ll have more time to focus on your firm, helping it grow, making connections and driving new traffic to your products and services with brand new marketing plans.

For professional bookkeeping and many other accountancy services, including annual tax returns and advice on company expenses, get in touch with our team today to discuss what we at Adaptive Accountancy can do for you.

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