Bookkeepers play an important role in most companies. As the name of the position clearly implies, bookkeepers are tasked with the maintenance, balance, and update of accounting books. It is the duty of a Bookkeeper to record all the financial activities of the company they work for.
Since they are the ones that keep track of all the money that goes in and out of a company, Bookkeepers are employed by all sorts of organizations, both in the private and public sectors. Large companies employ entire teams of Bookkeepers to run their respective departments. Some medium or small businesses have a single person in charge of this, whereas some others prefer to hire Accounting firms that specialize in providing this service to third parties. Some Bookkeepers, however, are self-employed.
Bookkeepers prepare financial reports based on the information they have gathered from the financial books they keep. Based on these reports, share-holders, managers, and superior accountants can accurately know the financial status of the company and may make an informed decision on how they should proceed on future projects.
Here’s a non-exhaustive list of common tasks Bookkeepers are required to complete.
- Keeping the financial records of a company:
- Establishing parameters for accounting books;
- maintaining and balancing the books; and
- using manual and computerized bookkeeping systems.
- Posting daily journal entries into the ledgers:
- Checking and recording daily revenue and expenses; and
- balancing both entries.
- Preparing accounting reports:
- Analysing past and current accounting statistics in the company;
- verifying that all expenses are accounted for;
- verifying that all incomes are accurately reported; and
- writing a report based on this information.
- Creating and maintaining a company’s budget:
- Explaining the budget to clients or supervisors; and
- giving advice on budgets.
- Preparing financial statements:
- Calculating end-of-year accounts; and
- writing and presenting reports based on these accounts.
- Calculating and preparing payrolls, utility cheques, invoices, and other bills.
- Preparing tax return reports:
- Complying with taxation legislation and regulations;
- locating possible deductibles; and
- advising on tax issues or irregularities.
- Projecting future statistics for the company based on current balances.
- Keeping the financial records of a company.
- Posting entries on revenue and expenses into the ledgers.
- Balancing accounting books.
- Preparing cheques for payrolls, tax returns, and other bills.
- Writing financial statements.
- Completing and submitting tax return forms.
- Writing financial reports and creating projections based on them.
- Establishing and planning budgets.
The average Bookkeeper salary is $40,534 per year or $21 per hour. This is around 1.2 times more than the Median wage of the country. Entry level positions start at $28,000 while most experienced workers make up to $57,000. These results are based on 1,324 salaries extracted from job descriptions.