Bookkeeping: Responsibilities 1 CPE

The scope of a bookkeeper's duties depends on the size of the company and the number and complexity of its transactions. Most bookkeepers work for smaller companies that don't have an accountant on staff. Large organizations may employ bookkeepers to work under the direction of accountants. Unlike accountants, bookkeepers don't usually need an accounting or other business degree to gain employment.

The Bookkeeper is responsible for processing a company's business transactions. Bookkeepers are expected to be accurate, efficient, and knowledgeable about debits and credits as well as understand their role in their daily, weekly, monthly, quarterly and annual processing of all financial transactions. A bookkeeper plays a vital role in a business by recording and maintaining its financial records.

It is critical for bookkeepers to have a strong understanding of tasks and timelines to ensure their organization's records are properly maintained. This course provides an in-depth outline of responsibilities that include all aspects of daily, weekly, monthly, quarterly and annual tasks. Included in these responsibilities are: accounts payable, payroll, accounts receivable, inventory, paying bills, collecting cash and much more.

This course provides a view of responsibilities that should be examined during each period.

NOTE: This course is one of a series of courses developed for the Professional Bookkeeping Certification program on Illumeo. The full curriculum of courses will provide you with the ultimate foundation to a career as a bookkeeper. 

Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Prerequisites

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Learning Objective

• Explore duties the bookkeeper should be involved with on a daily basis including:
  • Cash reporting
  • Maintaining documents
• Explore duties the bookkeeper should be involved with on a weekly basis including:
  • Record transactions
  • Document and file receipts
  • Review unpaid bills
  • Prepare and send invoices
  • Pay vendors
  • Review projected cash flow
• Explore duties the bookkeeper should be involved with on a monthly basis including:
  • Balance bank account
  • Review past due receivables
  • Analyze inventory
  • Process payroll
  • Review actual profit and loss vs. budget
  • Review month end balance sheet vs. prior period
• Explore duties the bookkeeper should be involved with on a quarterly basis including:
  • File estimated quarterly tax
  • Review sales tax and make payments
  • Review quarterly payroll reports
  • Prepare annual profit and loss estimate
• Explore duties the bookkeeper should be involved with on an annual basis including:
  • Review past due receivables
  • Review inventory
  • Complete IRS forms
  • Prepare year-end financial reports and tax returns

Last updated/reviewed: March 23, 2024