Whether you're considering hiring a bookkeeper or handling books yourself, understanding the core duties helps you maintain accurate financial records for your business.
Daily
Transaction Recording
Monthly
Reconciliation & Reports
Periodic
VAT & Year-End
Core Bookkeeping Duties
Recording Financial Transactions
The fundamental bookkeeping duty is recording every financial transaction:
- Sales invoices issued to customers
- Purchase invoices received from suppliers
- Bank transactions and transfers
- Cash receipts and payments
- Credit card transactions
- Petty cash movements
Bank Reconciliation
Matching your accounting records to bank statements to ensure accuracy:
Why it matters: Catches missing transactions, bank errors, duplicate entries, and fraudulent activity. Should be done at least monthly.
Accounts Payable (AP)
Managing money you owe to suppliers:
- Recording supplier invoices
- Checking invoices match orders/deliveries
- Scheduling payments by due date
- Maintaining supplier relationships
- Managing early payment discounts
Accounts Receivable (AR)
Managing money customers owe you:
- Issuing invoices promptly
- Recording customer payments
- Matching payments to invoices
- Chasing overdue payments
- Reporting on aged debt
VAT Return Preparation
If your business is VAT registered (most are once they exceed thresholds):
Calculate
- • Output VAT on sales
- • Input VAT on purchases
- • Net VAT due/refundable
File
- • Complete VAT3 form
- • Submit via ROS
- • Meet bi-monthly deadlines
Financial Reporting
Producing reports that show business performance:
Profit & Loss statement shows income minus expenses
Balance Sheet shows assets, liabilities, and equity
Cash Flow shows money coming in and going out
Pro Tip
Create a bookkeeping calendar with all your deadlines - VAT returns, payroll dates, and monthly reconciliation days. Consistency prevents backlogs and stress.
Additional Duties (Depending on Business)
Payroll Processing
Calculating wages, PAYE, PRSI, USC
Expense Management
Processing staff expense claims
Stock/Inventory
Tracking stock levels and values
Year-End Prep
Preparing accounts for accountants
Bookkeeping Guides
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