5 Important Things You Need To Know About Bookkeeping

A bookkeeper can help a small business save time, money, and a lot of stress. But how exactly do bookkeepers help? You’ll be surprised to know that there is a lot more to bookkeepers than meets the eye. 

In this blog, we will demystify the role of a bookkeeper and explain how they can become an asset to your small business team!

Are you struggling to handle your small business’ finances? Contact EW Bookkeeping and Consulting for assistance today!

What Exactly Is A Bookkeeper?

A bookkeeper is an individual who is responsible for preparing your accounts, documenting daily financial transactions, ensuring that your financial records are up-to-date and accurate, and overall performing duties to ensure that your business stays financially healthy and prepared for tax time.

What Are “Books?”

“Books”  are all the business’s transactions. The ins and outs of the money within the company. “We match bank statements, receipts, documents, payments, and expenses in order to produce an accurate story of the business,” explains Ericka Ward, CEO of Ew Bookkeeping and Consulting. “Each month, a business has reports of these books to tell how the business is going. It’s my job to prevent fraud, overdrafts, and bad audits. I study the numbers to help the owner better project future business opportunities.”

What Tasks Does A Bookkeeper Handle?

There are several different tasks that a bookkeeper takes on when working with a business, including:

  • Generating reports such as income statements, balance sheets, and cash flow statements so your business can understand and visibly see where you stand financially.
  • Ensuring that you are paid promptly and that your bills are paid on time.
  • Managing bank reconciliations
  • Processing payroll
  • Handling your business’ annual budget
  • Making a note of and reporting issues in your books when they come up
  • Offering advice and guidance on financial decisions

….And much more!

As you can see, bookkeepers play a significant role in the daily operations of a business and have the ability to take a major load off of your back as you run and build your business. 

Do Bookkeepers Typically Work In-House?

A bookkeeper can work in-house if you choose to function in that manner; however, there are several bookkeeping businesses out there – like us – who do not have to work in-house. As a matter of fact, EW Bookkeeping and Consulting works remotely so we can help your small business thrive financially from anywhere in the world!

Does My Small Business Really Need A Bookkeeper?

In short, yes! Bookkeeping is necessary because it can impact so many different things in your business if not handled properly. Allow Ericka to explain:

“Bookkeeping is important for every business because every business is legally responsible for legal documents and transaction receipts to be reported to the government. Some businesses are required to submit financial statements to get partnerships or financial assistance. You must know the profit and loss of your business. Financial institutions are going to require some type of statement of your cash flow. To operate accordingly, bookkeeping is a priority. Losing out on opportunities because your books are not organized will cost you later. The IRS will cost you time and money. You should always keep your books ready for an audit.”

What Is EW Bookkeeping And Consulting, LLC?

EW Bookkeeping and Consulting offer a unique experience for professional services by providing the premier virtual bookkeeping to clients across the United States. Because your money matters to us, we are dedicated to providing the highest quality of services.

Our service offerings include:

  • Discovery Calls – An initial introductory call where we will break down your company’s needs, determine what service best fits your company, and if we are a good fit.
  • Monthly Bookkeeping – Consistent bookkeeping that will maintain your finances, run reports, and keep annual audits.
  • Clean-Up Sessions – One-time service where we get your books up-to-date with Quickbooks online, audit your books, and more to ensure your books are clean.
  • VIP Days – Not only do we clean up your books, but we also teach you how to use QuickBooks and maintain your books yourself moving forward.

Are you interested in working with us? Book a Discovery Call with us to see if we’re the right fit for your business!

In Conclusion

As a small business owner, you have many responsibilities to be able to run your business. You need to keep your business afloat, keep your staff happy, and keep your customers happy. But what about keeping your books? You should be able to trust your bookkeeper to take care of your business’s books and provide you with accurate financial information. 

We hope this article helped you understand what a bookkeeper is, what they do, and why you need one. If you have any questions about bookkeeping or are interested in working with EW Bookkeeping and Consulting for your business needs, please do not hesitate to contact us.

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