ACCOUNTING IS THE LANGUAGE OF THE PRACTICAL BUSINESS LIFE
A bookkeeper does the day-to-day tasks: making sure transactions are recorded properly, keeping up with paperwork deadlines for new employees for the company's payroll processing, invoicing customers (promptly), following up on outstanding receivables, and paying the bills (promptly) which avoids late fees. The bookkeeper performs end of the month reconciliations, preparing monthly financial statements for the owner’s review, along with any reporting for creditors or investors, as well as being prepared for tax time. In addition the bookkeeper can make suggestions on how to increase revenues while tightening the belt on expenses.
Financial statements provide information that investors and creditors use to evaluate a company’s performance. Financial statements are also important to a company’s managers. It is important to have accurate and timely financial statements, this allows management to understand and run your business.
Hiring a bookkeeper allows the small business owner to concentrate on running the business, and pursing innovative ideas to flourish the business.
Entrepreneurs who hire a bookkeeper, usually discover they are saving money in the long run, by meeting payment deadlines, collecting on delinquent accounts, and having checks and balances in place, while they are focusing on the success of their business.