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The Role of the Bookkeeper
It is a requirement of every business to maintain a record of all their business’ transactions, in other words, maintain a bookkeeping system. Hence, a bookkeeper is needed to perform this duty. The bookkeeper is the one whose role it is to record the financial transactions. Although it may be done manually, most bookkeepers choose to use a computerised accounting system such as MYOB or QuickBooks.
This processing of information by the bookkeeper will allow economic decision makers to make informed judgments and decisions regarding the overall performance of the business. Therefore, it is very important that all this information is recorded to the highest standards by the bookkeeper, as inaccuracy of financial information will make it difficult for the owner (and if applicable, potential investors) to evaluate the profitability of the business.
The bookkeeper’s role of recording, classifying, and reporting information regarding the business’ financial transactions all culminates in the same place – the books (also known as the ‘accounts’). The bookkeeper will most often prepare the books at regular intervals, either on a weekly, fortnightly, monthly, or quarterly basis. The frequency with which the bookkeeper performs this task all depends on the volume and complexity of the entity, as well as the amount of transactions they’re required to process.
As soon as the bookkeeper has finished preparing the accounts, they will usually pass it onto an external accountant to be reviewed. The external accountant will go over and check all of the bookkeeping, and make any required adjustments to the bookkeepers work. Once they have done this, the accountant prepares a set of external financial statements in compliance with the standard’s set by the Australian Accounting Standards Board (AASB).
At Quinns we offer both Accounting and Bookkeeping services. We understand the value of having a seamless service across bookkeeping and accounts. Quinns Consultants has a team of highly trained accountants and bookkeepers, who have the professional experience and knowledge of accounting policies and principles to assist you with all your Business Accounting and Bookkeeping needs.
If you would like more information about our Accounting and Bookkeeping services, pleasecomplete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.