A bookkeeper is a vital part of any business team. They handle everything from providing a daily cash supply to making quarterly tax payments. Without them, your business’s finances would likely be chaos.
While there’s always something a bookkeeper should do, some things are a bit more urgent than others. Here are the five biggest things your bookkeeper should do for your business on a monthly basis.
Most businesses need employees in order to function smoothly — and most employees need payroll in order to function smoothly. Your bookkeeper should review payroll at least once a month to ensure that everyone is being paid the proper amount and that the correct percentage is being withheld.
Send and Receive Invoices
All invoices should go through your bookkeeper, since they’re the ones keeping track of your business’s financial records. This is simplest when the bookkeeper is the one sending and receiving them — removing out any extra steps cuts down on the likelihood that important documents will be lost or forgotten about.
Record Customer Billings and Payments
Customers are the backbone of any business, which makes billing and payment one of the most important duties a bookkeeper performs. Though individual bills should be issued soon after services are rendered and followed up on regularly, your bookkeeper should block out a time once each month to review customer bills and payments to make sure all are being issued in a timely manner.
Record Vendor Billings and Payments
Just as with customer bills and payments, and transactions between your business and a vendor should be handled pretty quickly. However, sometimes things manage to slip through the cracks, even when you have a good follow-up system in place. As with customer billing, set aside a time each month to look through and attend to any vendor bills that you may overlook.
Provide Cash Flow Estimates
Every business needs to be able to spend money throughout the month. Part of a bookkeeper’s job is to know how what that amount is. After reviewing incoming customer payments and outgoing vendor and payroll expenditures, your bookkeeper should have a pretty good idea of your company’s cash flow.
Have More Questions About What Your Bookkeeper Should Do?
Does your business need a savvy bookkeeper or accountant? Our highly qualified tax professionals are pros at everything from payroll to bookkeeping to tax preparation and beyond. To learn more about our services or to request an estimate, give us a call at 602-375-5251.