As a small business owner it’s hard enough keeping up with doing the work for your clients. Add to that also having to do all the required work for the IRS and/or the State can be a straw breaking the camels back! We have seen many brands go at it alone and wind up with a big mess in their books and then the consequences set in. How much might it now cost you to have everything cleaned up and fixed to standard? Then, in the end you end up also having to do what you should have done to begin with; get a certified bookkeeper! Lets not sound so grim however. In this day and age the bookkeeper and small business owner relationship workflow has become very easy with all the remote accounting management software and technology we have, it simply doesn’t have to be so painful! So what do we do exactly at Executive Focus Connections?

What are bookkeeping services?

Bookkeeping services are accounting services that focus the keeping of fiscal records like financial transactions, financial statements or balance sheets, payroll, and income statements. Everyday work flows of a bookkeeper also include making sure employees are invoicing, spending and handling payroll correctly. A bookkeeper is the main record keeper for your business’s financials.

Bookkeepers are not Accountants but sometimes can serve as both. Often times Bookkeepers & Accountants are considered the same, but they are not. Some bookkeepers, are actually involved in strategy development, and furthermore help with software training as well as we at Executive Focus Connections do.

Often Bookkeepers & Accountants Are Thought of as the Same

bookkeeping infographic showing the difference between bookkeeping and Accounting

What Are The Duties of a Bookkeeper

A Deeper Look at Core Duties

In this next section we will be breaking down in a far more granular way the responsibilities and duties of a bookkeeper, as well as what makes Sandra J. Seiler, MBA founder/owner of Executive Focus Connections a bit different from your average ordinary bookkeeper. The advantages of working with us are many and so this post isn’t just about Bookkeepers VS Accountants, it’s also about the question why us? Let’s 1st have a look at those “Core Duties.”

Data Entry

Recording financial transactions and balancing the books.

As the name implies, data entry is the process of recording financial transactions – money coming into and going out of the business. Why does it matter? If you’re not keeping a close eye on money in, money out, and things like debt, you’ll soon lose sight of how viable and profitable your business is.

Bank Reconciliation

Cross-referencing the books against bank statements and other source documents to confirm accuracy.

When you compare your record of transactions against your bank’s, you’re doing bank reconciliation. Your entries should match up with their records. Why does it matter? Bank reconciliation helps you find and fix data entry mistakes or missed transactions. It’s also good for detecting wrong payments or fraud. As you run through the transactions, you can also assign them to the correct business account (if you haven’t already) and flag tax deductible expenses for when you file a return.

Monthly reports

Summarizing the business’s financial position.

There are dozens of different financial and accounting reports that you could create. But there are a few favorites that bookkeepers like to check every month or two to make sure the business is performing. These include:

• Statement of Financial Position/Balance Sheet
• Income Report
• Cash Flow Statement
• Aged Recievables
• Aged Payables