Recording Financial Transactions: Documenting all day-to-day financial transactions, including sales, purchases, receipts, and payments.
Managing Accounts Payable and Receivable: Tracking money owed to the business and money the business owes to others, ensuring timely payments and collections.
Bank Reconciliation: Comparing the company’s records with bank statements to ensure accuracy and identify discrepancies.
Maintaining Ledgers: Keeping journals and ledgers up to date, including general ledgers, sales ledgers, and purchase ledgers.
Preparing Financial Statements: Generating periodic financial statements such as profit and loss statements and balance sheets.
Assisting with Budget Preparation: Helping to create and monitor the company’s budget and financial forecasts.
Managing Payroll: Processing payroll, calculating wages, withholding taxes, and submitting payroll taxes.
Tax Preparation: Assisting with the preparation of tax returns and ensuring compliance with tax regulations.
Maintaining Financial Records: Organizing and maintaining all financial documents, receipts, and contracts.
Assisting Auditors: Supporting outside auditors during audits by providing necessary documentation and information.
Implementing Financial Procedures: Establishing and maintaining financial protocols to ensure accuracy and compliance.
Communicating with clients and suppliers: Handling inquiries and maintaining relationships with clients, vendors, and financial institutions.
Using Accounting Software: Proficiency in accounting software, updating systems, and ensuring data integrity.
Monitoring Cash Flow: Keeping track of cash flow to ensure the business has enough liquidity to meet its obligations.
Advising Management: Providing insights related to financial performance, potentially suggesting cost-saving measures or investment opportunities.