Just as with hiring an internal bookkeeper and defining their role, you’ll have to decide which pieces of your financial management make sense to outsource including the bookkeeping function. The average price of outsourcing your bookkeeping needs ranges depending on the number of transactions and complexity of services required. A key benefit of Outsourcing is it gives you the ability to customize the services you receive to your bookkeeping needs.

• Popular software programs such as QuickBooks and Microsoft Excel have become vital tools in modern bookkeeping.
• If a payroll cycle is missed, it can lead to legal issues and unhappy employees.
• They keep track of all the money coming in and going out of a business, primarily handling its financial records.
• Alongside assigning the proper duties, knowing the differences between different roles can make any accounting process more efficient.
• A bookkeeper can stay on top of your business’ accounts daily for all transactions.

School of Business June 20, 2025

While you can do it yourself if you know numbers and spreadsheets, the tasks can be time-consuming and cut into your other business responsibilities. After recording transactions, bookkeepers assign them to the right categories in the company’s books, often using accounting software. For example, they might categorize a purchase as ‘Office Supplies’ or income Bookkeeping and Payroll Services under ‘Product Sales’. This careful sorting prepares the financial information to use in reports later.

Common Job Titles

• Many bookkeepers also use specialized software to significantly enhance efficiency in managing estimates, invoices, and payments.
• Bookkeeping tasks like tracking expenses, invoicing, and reconciling accounts can take hours out of your week, but with a bookkeeper in place, you don’t have to worry about those time-consuming details.
• Payroll software can automatically calculate pay and deductions, create paystubs and generate reports for the IRS.
• In smaller businesses, bookkeepers may handle all payroll duties.
• Regardless of your industry, It’s critical that a skilled Bookkeeper oversees your company’s transactions.
• With up-to-date financial data on hand, bookkeeping aids businesses in catching any errors early on and making more informed financial decisions swiftly.
• QuickBooks Online users already have access to verified experts who can support their whole business, from books to taxes.

Organizations can promote bookkeepers to accounting manager or analyst roles. Bookkeepers help organizations keep their financial accounts organized and accurate. They record transactions, create financial statements and prepare bank deposits. Sometimes they prepare invoices, oversee payroll or payroll make purchases for their organizations. Bookkeepers play an important role in allowing organizations to make good financial decisions using accurate information.

Enhanced Payroll Management

You’ll monitor all money coming into the business (income) and all outgoing payments (expenses). This ongoing process helps you monitor cash flow and quickly identify trends or discrepancies in a business’s finances. Understanding the differences between bookkeeping and payroll can help you manage your business finances better.

What are the primary responsibilities of a bookkeeper?

Business owners have several options when selecting a bookkeeping style. Learn how QuickBooks Live Expert Assisted can help you streamline your bookkeeping and free up time spent on finances. Make sure you know exactly what services the quoted price includes, and clarify if there are additional charges for tasks outside the standard scope, like extra phone calls or reports. Before actively searching, establish a realistic budget for bookkeeping services.