It is very common for self-employed people and small business owners to be juggling between tasks from the day the idea of a business originates until it is up and running and beyond to generate income.

For all this to lead into a successful business, all financial information should be in place. That’s when a bookkeeper comes into the picture of any business; to record and maintain the transactions of a business, namely purchases, expenses and sales revenue. With these in order, a business will surely succeed as focus will be put on its operational life.

Why is the role of a bookkeeper vital to a business?

Cash flow

Number one priority of a bookkeeper is to regularly keep an eye on the cash flow to ensure that there is enough day-to-day money and be able to set budgets. This can be easily monitored by using accounting software to enter daily transactions and then generate monthly, quarterly and annual reports.

Help the accountant

Accountants make business recommendations and take strategic financial decisions based on the books prepared by the bookkeeper who makes sure that documents with up to date business transactions are presented.

Create a financial roadmap

Bookkeeping measures and ensures progress within companies, development and eventually success. Thanks to balance sheets and correct business analysis, accountants will know the financial health of a business and create roadmaps.

Tax preparations

Having all documents in place and entered correctly in accounting systems prevents any loss of important documents and having to search for them just before any important deadlines, namely tax returns.

At our partner company, Accounting Services Ltd, services such as bookkeeping and accountancy are offered to help businesses stay up to date. For any assistance, kindly contact our colleagues on admin@accountingservices.com.mt