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What is Bookkeeping for Small Business?

There’s a key difference between bookkeeping and accounting. Essentially, bookkeeping is the more logistical side of a company’s day-to-day activities. While accountants focus on broader financial strategy and advisement on creating legal structures to minimize expenses, bookkeepers focus on the small details within managing the transactions and processes of a small business.

Here are several of the main responsibilities that bookkeepers have for small businesses…

Readying documents for operations and transactions

Bookkeepers are essentially the gateway for the source documents of a business. Whenever a transaction or shift in business operations is going to take place, it is up to the bookkeeper to manage key documents make preparations for the event.

Creating processes for inventory control

A major part of bookkeeping is tracking the current financial status of a small business, which means keeping track of sales and inventory. For this reason, each bookkeeper is beholden to creating the processes that efficiently help a company have inventory control over the entire enterprise in a way that is accessible and convenient for both the bookkeeper and business executives.

Applying point of sale systems for a business

In order to have a clear picture of the financial situation that a small business is in, it is important to be able to track sales in real-time. Bookkeepers are responsible for creating and implementing a point of sale system that tracks each sales and customer information in a place that is easily accessible for the business owners and managers, as well as the bookkeeper.

Conducting internal reviews

Small businesses depend on having efficient processes that enable them to make decisions across their entire enterprise in real-time. For this reason, it is the responsibility of bookkeepers to continuously review the internal processes of a company to ensure that the methods of tracking inventory, sales, and document management is up to date.

Klingler & Associates specializes in handling bookkeeping for small businesses. Contact us, or stop by our office located in Sandy, Utah.