Bookkeeping is keeping an accurate recording of a company's financial transactions. And although technology and accounting software has greatly eased the process, having a reliable and experienced bookkeeper is the first step in financial management. Financial transactions may include (but are not limited to)
Cash and credit purchases
Salaries and wages earned by employees
Sale of items/product
Borrowing money from a bank
Bookkeepers are responsible for classifying transactions and work directly with CFOs to determine accurate and transparent reports.
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.