What Does Bookkeeping Services Include? Here’s Everything You Need to Know

You’ve considered hiring a bookkeeper (yay!!), but you’re not 100% sure what that means — or what they do. You know they handle your books, that it involves your finances, and that doing it yourself is confusing or time-consuming (or both), and it’s time to outsource.

If this sounds like you — or you have a few questions about what it looks like to work with a bookkeeper — this is for you. Here’s everything bookkeeping services include and why:

What Type of Bookkeeping Services Can You Choose?

Traditional bookkeeping services where the bookkeeper is regularly (weekly, monthly, quarterly) maintaining your books. If you’re a service provider, creative, or coach, you’re likely hiring another small business (like mine) on a retainer basis instead of bringing a bookkeeper in-house or on payroll.

Since you’re outsourcing to another small business, you get a few perks — such as a personalized approach based on your specific needs. For example, basic bookkeeping packages consist solely of income and expense tracking, bank and credit card reconciliations, and receipt management.

But, there’s also bookkeeping packages that offer sales tracking, monthly financial reports and insights, and even budgeting, cash flow forecasting, compliance checks, and financial planning. 

What Bookkeepers Do (and Why)

Now that you have a pretty good idea of what the basic (and above basic) bookkeeping packages include let’s talk about what they do during said bookkeeping services and why:

Bank Account & Credit Card Reconciliation

Essentially, one of a bookkeeper’s sole responsibilities is making sure that your accounts match your financial records and spotting errors early (preventing the worst, like missing money, irregular transactions, or even doubled deposits in your bookkeeping software). This keeps your books accurate and clean, reflecting your true financial position.

Monthly Income & Expense Management

Bookkeepers are responsible for categorizing your transactions and tracking your revenue and expenses — they do everything that’s required to manage your accounts receivable and payable. Thanks to this, you get a clear picture of your business’s profitability, along with places you can save or invest.

Financial Statement Preparation

This changes a little based on the bookkeeping service or package you’ve invested in, but most bookkeepers will provide you with financial statements, including a balance sheet, income statements, and cash flow statements. The goal is to provide you with your financial information in an easy-to-understand way so that you can feel comfortable making informed decisions.

Other Things Bookkeepers Do 

Ongoing services are not the only things bookkeepers offer — most bookkeepers, like me, also offer clean-up or “catch-up” services that help you fix past errors, catch up on missed bookkeeping (like the months you didn’t have time to do), and get your books back in order.

They may also offer tax compliance and audit readiness which helps you prepare for tax season and ensure that you’re protected from legal issues (at least, those related to finance) and simplifies your tax process.

The “End Result” of Working With a Bookkeeper

There’s so much that bookkeepers do for your business, and while improved financial health is one of the main “results,” we also bring pure peace of mind.

You know that your books are in expert hands, and you’re able to focus on what you do best — running your business and serving your clients. Ready to outsource your bookkeeping? Let’s chat and figure out what would be best for you!