A typical day in the life of a bookkeeper can vary depending on their specific job duties and the industry they work in.
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Bookkeepers by nature should be individuals that are time conscious, deadline driven and analytical:
Below is a list of a typical day for a bookkeeper.
- Organize financial records. The bookkeeper will start the day by organizing and updating financial records, such as invoices, receipts and bank statements.
- Inputting data into accounting software. This can range dependant on the companies choice, examples like QuickBooks, SAGE etc to keep track of expenses and income.
- Reconciling of accounts.Bookkeepers reconcile bank and cred card accounts to ensure that all transactions are recorded accurately and there are no discrepencies.
- Processing of payments. The bookkeeper will process payments to vendors and making electronic transfers.
- Generating reports. Reports play a large role in the day to day affairs of a Bookkeeper and some of these are profit and loss statements and balance sheets and to provide these timeously for the company management team or Accountant.
- Respond to enquiries, these can come from suppliers, customers or other stakeholders regarding financial transactions or account balances.
- Staying up to date and relevant on regulations and tax laws is critical for a bookkeeper to ensure the company is in compliance and that all financial reporting is accurate. Read here to ensure you stay compliant.
Overall, the bookkeeper plays a vital role in ensuring that a company’s financial records are accurate, up to date and compliant with regulations. Keeping oneself abreast of industry updates is critical.
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Deadlines play a large factor in the life of a Bookkeeper:
Bookkeepers have many deadlines to meet, especially when it comes to financial reporting and tax filings.
Some common deadlines for bookkeepers may include:
- Monthly: Bookkeepers often need to complete monthly tasks, such as reconciling bank accounts, generating financial statements, and processing payroll.
- Quarterly: In addition to monthly tasks, bookkeepers may need to complete quarterly tasks, such as filing sales tax returns and submitting payroll tax reports.
- Annual: At the end of the year, bookkeepers may need to complete tasks for closing up of financial records and preparing tax returns.
- Tax: Bookkeepers need to be aware of various tax deadlines, such as filing deadlines for income tax returns and deadlines for paying estimated taxes throughout the year.
Missing a deadline can result in penalties, fines, and other consequences, so it’s important for bookkeepers to stay organized and ensure that all necessary tasks are completed on time.
Interested to see how you can become a Bookkeeper? Have a look at our Financial Accounting Programme.