Transaction Processing Since bookkeepers typically do not have a four-year accounting degree, an accounting firm will review the financial statements prepared by a company’s bookkeeper. A bookkeeper today is expected to be comfortable using accounting software.
A bookkeeper is responsible for processing the paperwork for a company’s business transactions. Ultimately the transactions will be recorded in accounts within the company’s general ledger.
Today this often involves the use of cost effective software such as MYOB and or XERO. Transaction Processing
Each bookkeeper’s specific responsibilities will vary by type and size of the business. A very small company might use the services of a bookkeeping firm that employees bookkeepers. Transaction Processing
Generally, a bookkeeper is a person without a college degree in accounting who performs much of the data entry tasks. This includes entering the bills from vendors, paying bills, processing payroll data, preparing sales invoices, mailing statements to customers, etc.
Other adjustments to accounts include the calculation and recording of depreciation, establishing allowances for uncollectible accounts, etc. After making the adjusting entries, the accountant prepares the company’s financial statements (income statement, balance sheet, statement of cash flows.) The accountant also assists the company’s management to understand the financial impact of its past and future decisions.
The distinction between accountant and bookkeeper keeps changing as accounting software and other software evolves. For many years, companies used the title of accounting clerks for employees doing the tasks formerly performed by bookkeepers. The accounting clerks are usually supervised by an accountant. Transaction Processing
- Shand Business Solutions are registered BAS AGENTS.
- We do not provide Accounting, Financial or TAX advice.
- We do provide when requested, Accountant Ready Books for your own Accountant or Tax Agent.
If you don’t have an accountant or a Tax Agent then we can arrange one for you.
Other Xero Services