Frequently Asked Questions - Online Bookkeeping

 A bookkeeper is responsible for recording and maintaining financial transactions for a business or organization. This includes keeping track of income and expenses, preparing financial statements, and managing accounts payable and accounts receivable. 

 Bookkeepers may use a variety of software programs, including QuickBooks, Xero, Sage, and Wave, among others. The specific software used often depends on the needs of the business and the bookkeeper's expertise. 

 Some common bookkeeping mistakes include data entry errors, failing to reconcile accounts, mixing personal and business expenses, and failing to maintain proper documentation. These mistakes can have serious consequences, including inaccurate financial statements and tax filings, and may even result in legal or financial penalties. 

 While bookkeepers and accountants both work with financial data, their roles and responsibilities differ. Bookkeepers typically focus on the day-to-day recording and maintenance of financial transactions, while accountants often provide more strategic financial advice and analysis. Accountants may also have additional education and certification requirements compared to bookkeepers. 

 Some bookkeeping best practices include maintaining accurate and up-to-date records, regularly reconciling accounts, separating business and personal expenses, and maintaining proper documentation. It's also important to establish a consistent bookkeeping schedule and stay on top of deadlines for tax filings and other financial obligations.