Understanding the day to day responsibilities of a successful bookkeeper, can help you understand the importance. MM Accounting and CFO Solutions, provides full service bookkeeping and accounting assistance throughout New York City. Our services can be customized for any size business in order to fit your individual needs. Below are some of the most common responsibilities associated with being a bookkeeper.
Managing Business Transactions
MM Accounting and CFO Solutions is trained to thoroughly track and manage all business transactions. We provide both onsite and remote bookkeeping in order to accommodate all clients. If you’d like us to visit your office for a day or two each week, we can do just that. Keeping track of all business transactions will avoid any errors and ensure every dollar spent, is accounted for. Proper management of your businesses spending makes tax time less stressful.
Creating Financial Reports
Bookkeepers can also be trained to generate income statements and balance sheets using specific accounting software. Other documents created include tax information and spreadsheets, which can also providie further financial insights. At the end of the year a bookkeeper can send all necessary forms to the tax accountant, in order to meet deadlines and file your business taxes properly. Financial reports are typically generated in weekly, monthly, quarterly and annual terms. Aside form preference, the size of your business and your sales volume will determine how often financial reports are created.
Most Common Business Reports
Weekly Reports: Requests for I-9’s, payroll reports, certificates of insurance.
Monthly Reports: Inventory, sales, credit card/bank and profit and loss reports.
Quarterly Reports: Payroll reports such as 941’s and WR-1’s, inventory, sales and balance sheet reports.
Annually: Annual payroll statements such as W-2’s, W-3’s, 1099’s and 1096’s.
Accounts Payable and Receivable
Many bookkeepers are responsible for entering invoices of purchases into Quickbooks or other financial software. Bookkeepers also can change bills into statements, create reports and pay your companies bills. Bookkeepers handling accounts receivable can generate sales invoices and make sure your customers are paying bills. When handling accounts receivable it’s important to not only send out invoices but keep track of if they’re being paid. Following up with customers in regards to their debts or overdue bills is also a task worthy of a qualified bookkeeper. Hiring a bookkeeper to manage overdue bills will help avoid money not being paid.
Bookkeepers are also qualified to handle payroll duties such as tracking time sheets, printing pay stubs and calculating net payments. MM Accounting and CFO Solutions offers custom payroll solutions in order to provide convenient payroll services. Other payroll related duties include setting up direct deposit, electronic tax filing and custom reports.
In order to manage inventory bookkeepers can use software to change quantities and make necessary updates. Tracking inventory is another great tool that can be used to analyze your profits vs. sales.
If you own a business and are without a certified bookkeeper, it’s time to give us a call. We can help keep your finances on track while you run your business.