Who is a Bookkeeper: check out this – Here we bring you the full definition of a bookkeeper. We highlight also the relevant Skills and Knowledge. As a matter of fact, here is also an example of who a bookkeeper is and the basic accounting knowledge required. Detailing the job duties and responsibilities, we present the difference between bookkeeper and accountant.
This post is for every young entrepreneur. It’s also very important for every accounting and financial management student. Therefore, for you to manage your firm properly, this post is a must read for you. In fact, regular students and professional students also need this. Let’s begin by examining who a bookkeeper is, please read on.
Who is the Bookkeeper?
To start with, a bookkeeper is an accounting staff who is primarily responsible for maintaining a detailed record of accounting books of primary entry. Such books are daily or monthly purchases, sales, and other financial transactions. The kind of transactions he handles and how they are handled vary significantly depending on the preferences and practices of the organization involved.
What Does Bookkeeper Mean?:
Put differently, what is the meaning of a bookkeeper? Is he he accountant? In fact, even though the terms are commonly conflated and are used interchangeably, bookkeepers and accountants are different accounting officials. In fact, they have distinct roles and obligations in a business accounting setting. This is because bookkeepers are, usually, on the front line. They are the ones who keep records of how finances flow into and out of an organization on daily basis.
On the other hand, the accountants are more concerned with the larger picture by using the data produced by the bookkeepers to keep track of the operational trends. In fact, they use the bookkeepers data to generate reports, identifying important trends, and to make projections. In addition, bookkeepers may not be a trained professional while accountants must be.
The Job Description of A bookkeeper – Who is a Bookkeeper: check out this
Keeping consistent, accurate, and errors free source documents is a a big responsibility for a bookkeeper. Every employers looks at these characteristics while hiring a bookkeeper. As a matter of fact, such an officer must show good knowledge of basic practice and use of accounting software. These knowledge will certainly enable the bookkeeper assume the responsibility of overseeing and reconciling the entity’s financial transactions especially using the accounting software system. Therefore, today Computer knowledge or generally a technology literacy is incredibly valuable for the position. As a matter of fact, some other relevant skills and job duties would include those listed below.
Relevant Skills and Knowledge:
- Basic accounting knowledge
- Understanding accounting best practices
- Knowledge of IFRS, U.S GAAP, or another accounting framework
- Data entry skills
- High attention to detail
- Proficiency in Microsoft Excel
- Produce work with a high level of accuracy
- Professionalism and organization skills
- Associates degree or at least one year of experience
- Knowledge of XERO, Quickbooks, Zoho, Fresh Books, or other applications
Job Duties and Responsibilities:
- Maintain an accurate record of financial transactions
- Update and maintain the general ledger
- Reconciliation of entries into the accounting system
- Recording of debits and credits
- Maintain the trial balance, by a reconciliation of general ledgers
- Account reconciliation to assert the accuracy of transactions
- Use knowledge of local laws to comply with reporting requirements
- Monitor any variances from the projected budget
Who is a Bookkeeper: check out this
Difference Between Bookkeeper and Accountant:
Having gone through the knowledge, skills, duties and responsibilities of a bookkeeper, now is the right time to talk about the difference between a bookkeeper and accountant.
From the details above we can deduce that a bookkeeper is responsible for recording transactions into the accounting system of an organization. Therefore, it forms a part of the wider and more general practice of accounting. Therefore, the duties of a bookers is all about providing accounting information for the accountant. So, the bookkeeper provides the accountant with the trial balance which he, the accountant, uses to derive the financial statements. Typically, these are the Balance Sheet, Income Statement, and the Statement of Cash Flows.
Summing Up – Who is a Bookkeeper: check out this
We can now confidently say that the bookkeepers lay the groundwork for accountants to analyze and prepare financial statements. In doing this the bookkeepers use his technology knowledge of software manipulation to assist with the recording of transactions. Therefore, he uses the built-in data processing tools to help in the preparation of the financial statements.
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Conclusions: Who is a Bookkeeper: check out this
Finally, this is who is a Bookkeeper is. You have to check it out. This post is actually important for those of you selecting careers. In fact, business founders need this for job selection and schedule of duties. And, now if you enjoyed this post, it’s time to copy it for academic purpose and for your continuous reading. If you bookmark it, it’s better. That will also enable you share to reach your friends. And now, if you have questions or comments send them through the comment box bellow this post. Do well to follow us on any of our social media handles and in fact Like us on our Facebook platform – that is only what we request for a free tutorial like this. To contact us drop your phone number or email address in the comment box. And if you can call 09152153136 or email us via firstname.lastname@example.org
Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.