Hiring a bookkeeper can be just another big expense that weighs your company down. But did you know it's an expense you may not actually have to pay?
That's right! You can easily be your own bookkeeper and save that money instead.
All you need to do is take over the key responsibilities and activities a bookkeeper would normally perform.
Read on to see what they are so you can get started.
People in your company are the ones stealing from you.
One of the best ways to prevent white collar crime from ruining your business is to KNOW EXACTLY what your financial statements mean.
The five key responsibilities you'll have when you're your own bookkeeper
If you're going to be your own bookkeeper you'll have to manage your company's financial records on a day-to-day basis. The Practical Accountancy Loose Leaf
outlines that your main bookkeeping responsibilities will be to:
1. Finalise and interpret accounts;
2. Interpret and draft financial statement;
3. Maintain financial records and prepare general ledger accounts;
4. Calculate and record statutory returns; and
5. Establish, maintain and use computerised bookkeeping systems.
These responsibilities are there to ensure you correctly record all transactions in the right ledger or computing system.
But there are separate jobs within dealing with your books. These jobs are...
How to improve cash flow, analyse your financial statements and eliminate fraud in your company…
The 15 easy bookkeeping jobs you'll do as your own bookkeeper
As your own bookkeeper, you'll have 15 basis bookkeeping jobs to do. These are:
1. Record general journal entries;
2. Record in special journals;
3. Post to ledgers;
4. Record purchases and accounts payable;
5. Receivable record sales and accounts;
6. Record inventory and receivables;
7. Plan assets and depreciations;
8. Payroll transactions;
9. Adjust and close entries;
10. Control petty cash;
11. Capture cashbooks;
12. Bank reconciliations;
13. Capture statutory returns such as PAYE, Vat and SDL;
14. Assist with statements for cash flow; and
15. Assist with budget.