Bookkeepers assist business owners in managing their money by documenting transactions, paying and sending bills, creating reports, and collecting correct financial data. Bookkeepers also enable business owners and accountants to create budgets, analyze trends, and prepare for the future.
Some common accounting tasks include:

• Complete data input and gather transaction information for both arriving and departing bank accounts.
• To keep track of current financial transactions, use accounting software, spreadsheets, and databases.
• Create financial reports like balance sheets and income statements.
• Maintain and monitor financial records to ensure their correctness.
• Reconcile or disclose any inconsistencies in financial statements.
• Generate or pay invoices for credit card purchases or inventory orders.
• Complete the payroll.

Unfortunately, there are probably very few jobs that cross the border between bookkeeping and accountancy. Although the duties of bookkeeper and accountant are distinct, certain activities may overlap. Bookkeepers are often responsible for data entry, banking reconciliations, invoicing, and bill payment, whereas accountants may be in charge of payroll administration, tax preparation, or financial planning. They then utilize the data to assist them make decisions.

Yet numerous small business owners overlook critical business activities like bookkeeping, which harms their company. Not controlling your expenses via bookkeeping may have ramifications in decision making. This can be intimidating for many business owners, who typically put off these responsibilities until they become serious. And this adds to the burden and headaches associated with tax filing and returns. Bottom line, you must monitor your accounts to prevent losing money.