The bookkeeper’s main job is to record the financial transactions of a business. They should practice double-entry bookkeeping so that the records are correct. The key to accounting is keeping track of every dollar that comes in and goes out of a business. This helps bookkeeping services in Dubai prepare a budget for the company. The accountant must know all of this information to calculate the income tax that needs to be paid.
They need to enter financial data into a general ledger:
The main function of a bookkeeper is to enter financial data into a general ledger and compile a balance sheet and income statement. The accountants handle the final two steps of the Accounting Cycle. The bookkeepers are responsible for the first six steps and the accountants handle the last two. If one of the partners in a business commits fraud, their accountancy skills will be put to the test.
They should answer the phone and take messages as needed:
The bookkeeper should answer the phone and take messages as needed. They must also file documents into the appropriate folders and archive them. The bookkeeper should also be equipped with a fax machine and ensure that it is fully stocked with paper and passes to the relevant staff. They must also be able to scan documents and send them as needed. The bookkeeper should always be aware of any changes in the financial condition of a business.
They should keep track of all incoming and outgoing payments:
The bookkeeper should keep track of all incoming and outgoing payments and expenses and check them for errors. A business should use a trial balance to prepare the profit and loss statement. An accurate profit and loss statement will make the owner and management understand how much money a company is making. Inaccurate transactions will influence the decisions made by the management. That’s why it’s important to make sure the financial information of a business is accurate and up-to-date.
They should be able to maintain an open communication environment:
The bookkeeper must be able to maintain an open communication environment with the clients and other employees. The bookkeeper must be able to handle all queries and inquiries related to the financial records. In the case of a small business, the bookkeeper should be able to communicate with other staff members and other managers.