The designation of an agency bookkeeper is identical to that of an accountant. Accounts help to assess the current financial position of an agency and also to find out whether the business activities have been profitable or not. An agency bookkeeper is thus required to maintain all the books and help in the calculation of income, expenses, taxes, etc.
Although the job of an agency bookkeeper appears to be an ordinary desk job, there are various aspects associated with this position. Right from the inspection of bills to the calculation of taxes, an agency bookkeeper is continuously engaged in multiple tasks related to the preparation, maintenance, and reconciliation of accounts.
To begin with, an agency bookkeeper collects all the receipts pertaining to financial transactions. He has to record all these transactions in the books and/or accounting software. He has to tally these records with the bank statements and check if all the receipts and payments have been credited/debited from the account.
The agency bookkeeper calculates the compensation for all the employees and the total tax payable on profits and assets. He also calculates the depreciation or appreciation in the fixed assets of the agency and enters the amount in the profit and loss statement. He assists the internal and external auditors and provides them physical and digital copies of accounts.
As you read the description of agency bookkeeper responsibilities given below, you will be able to understand this job and its requirements clearly.
Collecting and Verifying Receipts
An agency bookkeeper collects receipts of all the transactions, verifies them, and records the details of the transaction and amount in the books/accounting application or both.
Asset Appreciation/Depreciation
An agency bookkeeper calculates the appreciation/depreciation for all the assets of the agency.
Reconciliation of Accounts
The agency bookkeeper reconciles the accounts and passes requisite journal and ledger entries so that the errors are not carried to the balance sheets and profit and loss statements.
Payroll Management
An agency bookkeeper collects attendance reports of all the employees to calculate monthly compensation and other payments such as for overtime.
Tax/Profit and Loss Assessment
An agency bookkeeper calculates the payroll tax, property tax, sales tax, income tax and all other taxes as per the federal regulations for a financial year. He assesses whether the agency has earned profits or suffered losses during this period.
Present Reports
The agency bookkeeper presents the financial reports in the staff and board meetings and also provides statistical comparisons of various heads. It helps the management to analyze rise or decline in a specific area or all areas of income and expenses.
Assisting Auditors
It is the responsibility of the agency bookkeeper to assist the auditors and provide necessary information and copies of accounts.
An agency bookkeeper must execute his responsibilities diligently and prepare accounts in compliance with the federal and industry regulations.
To work in this position, an individual should be skilled in following areas:
You need to complete your education with a degree in accounting or finance. Alternately, you can also opt for a certification as a Certified Public Accountant (CPA). Previous experience can be helpful, though not always mandatory if you can prove your skills and competency to the recruiter during the interview.
Annual compensation for an agency bookkeeper ranges from $40,000 to $65,000. The actual salary and additional allowances are dependent on your qualifications and performance.
Agency bookkeeper responsibilities distinguish this job by illustrating its characteristics.