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Some of the most important activities that bookkeepers typically handle include:

Accounts Receivable: This involves maintaining records of credits paid to or owed to the company. Here, bookkeepers will usually prepare invoices or statements that would enable clients to pay the bills in a timely manner. They will monitor overdue notices and send follow-up reminders if needed. Bookkeepers prepare bank deposits by verifying and balancing receipts. They will also do this by tracking and counting cash drawers and verifying sales records. While recording balances of incoming funds, the bookkeepers would need to monitor and check balances as well.

Accounts Payable: This involves monitoring all the debits or funds leaving the company. For this, bookkeepers would need to make purchases if applicable. Alternatively, they would need to pay bills owed to vendors or send payments for materials needed from various suppliers too. Once they make payments, the bookkeepers would need to update records for reflecting the payments.

Payroll Duties: In many companies, bookkeepers are responsible for payroll functions as well. These functions typically comprise:
– Calculating employee hours or salaries
– Determining and issuing pay cheques and,
– Maintaining tax withholding records

Miscellaneous Activities: Other activities that small business bookkeeping services typically manage include:
– Reconciling the daily sales and expenses
– Managing the assets of the business e.g. the daily cash deposits at the bank, the petty cash account for day-to-day expenses and monitoring various fixed assets
– Preparing financial documents such as the balance sheet, the income statement etc.