A lot of people drive their businesses on a day-to-day basis. All they know is if they have money in the bank today, and they had a good sales day. On the other hand, you need a clear picture of your company’s financial health. A Buchhalter Wien job description should highlight the importance of good time management and organizational skills because this is a large and diversified function. It can be the first step to a more senior or specialized accounting career because it exposes you to various facets of the accounting function. Let’s look into the roles and responsibilities of Buchhalter Wien in your business.
Who is a Bookkeeper?
A Bookkeeper is responsible for recording and maintaining business financial transactions, such as purchases, expenses, invoices, sales revenue, and payments. The bookkeeper is usually responsible for looking after the first six steps of the accounting cycle, whereas the last two are mostly taken care of by an accountant. The bookkeeper may process financial data into general ledgers to generate the income statement and balance sheet.
Role of a bookkeeper
A bookkeeper helps businesses by documenting, processing financial transactions and generating financial statements. A few bookkeepers are in charge of the general ledger, the accounting system for a whole company. Alternatively, others work as accounting clerks, managing specific tasks as a team. However, what accurately do bookkeepers perform daily? They check receipts, transmit payments, make bank deposits and keep track of past-due accounts. Buchhalter Wien is also preparing, submitting Business Activity Statements (BAS) in many circumstances. Let’s look for the roles of a bookkeeper.
Debit Accounts
Before being made by an organization, every payment needs to be recorded as an expense by a bookkeeper. However, the process is not that simple. Payments and orders are accepted through invoices as proofs and then entered into the software.
Credit Accounts
Similar to debit records, credit records, which refer to the sale, also go through a similar process. In this case, the proof of getting a payment comes from a payment receipt. One copy goes to the customer, and the other is set aside as organizational proof required in GST return filing.
Maintain General Ledgers
Along with bookkeeping, bookkeepers maintain general ledgers that account for overheads and inventories. In addition, along with bookkeeping, general ledgers help get an overview of a monthly financial report.
Account Reports
A business organization must produce various financial reports for different authorities and councils. Other than the government, the investors, and the management, need to examine the financial report from time to time.
Clerical
While it is not a requirement everywhere, small businesses with fewer people may need the bookkeeper to take up clerical responsibilities required for bookkeeping. It may involve contacting customers, maintaining electronic files, collecting invoices, closing annual accounts, etc.
While a bookkeeper’s responsibilities mostly vary from organization to organization, specific roles remain expected for the job. It encloses keeping the record of credit and debit flows, banking, and maintaining general ledgers. These are the fundamentals of any bookkeeping job, and a necessary task that only professional bookkeepers can do is GST return filing and filing other taxes. It is the reason why most organizations put a hem on to take help from service providers for a cost-effective, and also for an easy process.
What are the responsibilities of a bookkeeper?
Bookkeepers are responsible for furnishing accurate and daily financial information about a business. They are always taking the pulse of a business. Their information often goes to business owners and managers to help them make decisions. Some bookkeepers are involved in strategy development. Bookkeepers may also share some jobs with accountants, such as preparing annual financial reports and tax returns.
1. Data Structuring
Your bookkeeper will keep track of all of your financial transactions by placing them into the system on a regular and accurate basis. And also allocating them to the suitable accounts in your accounting software, and producing weekly or monthly reports that present valuable data on your company’s performance.
2. Expense tracking
All of your business spending must be recorded and reconciled to any purchase orders and delivery receipts to confirm that you are getting what you paid for. This will be taken care of by your bookkeeper, who will also record any petty cash or credit card purchases into your accounting system. Also, they can keep following who is spending what and spot any possible overspending.
3. Management of invoices and receipts
Collecting money from consumers is an important cash flow driver for any small firm. A professional bookkeeper will ensure that invoices are sent on time, that late payments are tracked, and that all cash entering the business is managed. This position can determine whether a small business succeeds or fails.
4. Processing of payroll
If you employ staff, payroll may become a huge task. Paying your staff can involve:
- Checking timesheets
- Allocating any commission payable
- Calculating payroll tax and superannuation
- Keeping accurate employee reports, including their bank account details
The payroll desires to be processed through the accounting system and the bank account. Having a bookkeeper may save you a huge amount of time if your payroll is done weekly or fortnightly.
5. Banking
Reconciling the bank transactions to your accounting system is vital because you want to make sure all transactions are accounted for. Most online accounting software packages now link straight to business bank accounts. Your bookkeeper can download banking details straight into your accounting system and allocate payments and receipts into the system.
6. Compliance
Your bookkeeper is supposed to be a registered BAS Agent, which means they can organize your BAS according to the ATO requirements. They will also arrange any payroll tax and superannuation records and payments. If you have any business loans or other areas that need regular reports, they will do this.
7. Reporting on finances
In the end, your bookkeeper will give regular financial reports such as profit and loss, balance sheets, budgets, and cash flow forecasts that will give you all the details you need to enhance the financial performance of your business. They will be able to direct you on what areas require improvements and those performing well that may be taken to the next level.
Bottom Line:
If you want to save time, inject your firm with expert financial guidance, and acquire direction for your organization’s future, you should engage a bookkeeper. Every month, a competent bookkeeper can give you precise financials. These present the details about the state of your firm and guidance on how to improve it. Hence like other experts, a bookkeeper is also a part of the success of your organization.
Also Read – How Can a Personal Loan be Handy to Your Financial Needs?
