What is a bookkeeper?

A bookkeeper can be defined as someone who records the financial transactions of a business. This work typically takes place on a day-to-day basis. Bookkeepers are responsible for ensuring that all financial records are accurate and up-to-date, which is crucial for maintaining the financial health of a business. 

What is the skillset of a bookkeeper?

A top-notch bookkeeper excels in organization and meticulous attention to detail. Additionally, communication skills, integrity, adaptability, and analytical skills are all also important for bookkeepers. As a business owner, you want someone you can trust to maintain your books. That is why it is important to thoroughly interview  your potential bookkeeper to ensure they have the skills required to keep your business’s finances on the right track.  

What services does a bookkeeper offer?

The range of services offered by bookkeepers can vary depending on individual preferences and needs. At Kennadee’s Bookkeeping, we provide an extensive array of bookkeeping services tailored to suit your requirements. Our offerings encompass overseeing accounts receivable and payable, conducting monthly bank account reconciliations, handling payroll, and delivering personalized financial reporting. 

Bookkeeping Jargon Explained

• Accounts Payable: Accounts payable is a permanent account that shows on the balance sheet. This is money that you owe to your vendors. Accounts payable is a liability account.

• Accounts Receivable: Accounts receivable is also a permanent account shown on the balance sheet. This account reflects monies owed to you by customers, which is a current asset. 

• Balance Sheet: The balance sheet stands as one of the most vital financial statements, ranking among the top three in importance. It presents a snapshot of a company’s assets, liabilities, and equity. 

• Income Statement: The income statement, also referred to as the profit and loss statement, is a financial report that summarizes a company’s revenues, expenses, and net income (or loss) over a specific period, typically monthly, quarterly, or annually. 

Statement of Cash Flows: This financial report provides an overview of the cash inflows and outflows of a company during a specific period, typically monthly or quarterly. This financial report can be used to determine the future expected cash available, which is crucial when calculating debt payments or future investments.