The Bookkeeper’s Importance to Your Business

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Bookkeepers are responsible for recording every financial transaction in the appropriate place. That can just look like loading your transactions into accounting software, or having them downloaded from your bank account automatically.

But bookkeeping is more than just transferring numbers into a spreadsheet—it takes detailed analysis and legal knowledge. Your bookkeeper makes sure you meet all the reporting requirements of your industry, provides information that can be crucial for business decision-making, and will help you survive an audit by making sure your financial records are in order and your deductions are legitimate.

Bookkeepers are responsible for key financial statements:

  1. The income statement (also called a profit & loss statement or P&L statement), showing your revenue and expenses over a specified time period
  2. The balance sheet, a snapshot of your financial position at one point in time
  3. The cash flow statement, a record of the cash and equivalents coming in and going out
  4. The statement of changes in equity, showing how your share of capital, reserves and retained earnings have changed over a reporting period

Bookkeepers also:

  • Manage accounts receivable and payable
  • Post debits and credits
  • Monitor your debt levels
  • Reconcile your bank accounts every month
  • Provide your CPA with accurate financial statements at tax time
  • Report on issues and variances that come up

The Benefits of Accurate, Timely Bookkeeping

A good bookkeeper will enable:

  • Better budgeting decisions, by showing you exactly where the bulk of your money is going
  • Peace of mind, assuring you your books are in order for tax time
  • Less chance of an audit, by providing your CPA with detailed IRS-required documentation
  • Found hours in your day to focus on your business
  • A better understanding of the seasonal flow of your business
  • A grasp on the key metrics of your financial health: revenue, costs, profitability, etc.

Bookkeeping Options for your Small Business

You may not need to hire a full-time professional bookkeeper at first—or ever. You can buy bookkeeping software and learn how to do it yourself, or outsource your bookkeeping, which can be advantageous for many reasons.

If you choose the DIY route, keep in mind it might take a while to learn how to use the program. While these programs can be cost-effective, you pay with your time. At a certain point, your time is better spent growing your business than navigating tutorials.

If you hire an outside bookkeeping service in Cincinnati, you are on the path to financial clarity. Take the time to find a bookkeeper you can trust.

BookWerksTM will be happy to share what we offer businesses like yours at no charge or obligation.

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There’s a QuickBooks bookkeeper right near you (or online)!

You don’t have to look far to find a QuickBooks bookkeeper close by! Here at BookWerksTM in Cincinnati, we use both Xero and QuickBooks accounting software, based on client preferences. Each system is an excellent tool for automating the recording of transactions (which prevents errors). Accurate bookkeeping is critical to your business’s success. Experienced, affordable and reliable, BookWerksTM serves a variety of industries, both in-person and virtually. When you outsource to us, you get a bookkeeper who knows your field. If you’re just starting out, we’ll set up reporting and recordkeeping systems so you know where your money is going. If you’ve been in business for years, but want help cleaning up your books, we will help you streamline your systems and set up checks and balances. Either way, you’ll get regular reports like Profit and Loss, Cash Flow and Balance Sheet to keep you abreast of how you are doing financially.