What Is Included In Bookkeeping Services?

Bookkeeping is often confused with accounting. In this guide, we’re listing exactly what should be included in bookkeeping services, so you know how to employ the right services for your business.

Typical bookkeeping services:

• Tax preparation and compliance
• Record and monitor cash flow
• Process payroll
• Handle accounts payable
• Send invoices and accounts receivable
• Prepare financial statements
• Record transactions
• Preparing books for an accountant

The above is not an exhaustive list, however, it does include typical responsibilities of a bookkeeper.

Day-to-day tasks might look more like business and financial administration than accounting, but it’s crucial for the subsequent work of an accountant. The data recorded by bookkeepers is often used by accountants and business owners to make important decisions, so it’s important the basics are right.

The bottom line is that while bookkeeping and accounting work hand in hand with one another, the daily tasks and responsibilities are very different.

What’s included in monthly bookkeeping?

Monthly bookkeeping services consist of a variety of data entry, accounts reconciliation, and reporting tasks. These should keep your books accurate and up-to-date so you have a clear picture of your business’s finances at any given time.

What should you expect from an outsourced bookkeeping provider?

Aside from the actual financial tasks getting completed, if you’re hiring an outsourced bookkeeper, you should receive a good level of service to go with it. They should have experience and expertise in your sector.

Some may offer a completely tailored approach, so you can choose specific bookkeeping services for your sector. There should be excellent attention to detail and seamless communication. If you want to switch to cloud-based bookkeeping, it’s worth choosing an accredited partner.

If you’re looking for outsourced bookkeeping services, contact Ratiobox to arrange your free consultation today.