A bookkeeper is responsible for accurate financial information to allow business owners to make crucial decisions. They may also act as accountants by preparing records to present to owners and essential stakeholders. Frequencies of tasks depend on the size of the business and the number of transactions during their accounting periods.

There are likely few tasks that cross the line between bookkeeping and accounting. Bookkeeper and accountant have separate roles; however, few tasks might traverse. Bookkeepers often deal with data entry, banking reconciliations, invoicing, and paying bills, whereas accountants may handle payroll management, tax preparation, or financial planning. They then use that data to help aid in decision-making.

Too many small business owners neglect essential business processes such as bookkeeping to the detriment of their business. Not managing your expenditures with bookkeeping could have consequences in decision making. This can be overwhelming for many business operators, who usually end up postponing these tasks until they become severe. And this along add up to workload and headache at the time of tax filing and return. The bottom line, you need to keep an eye on your finances to avoid losing any money.