The tasks that bookkeepers perform are as follows:
- Record all financial transactions
- Verify the procedures used to record the transaction
During these processes that establish a balance between all accounts via manual input to software designed as a tool for bookkeeping. This entails posting journal entries, reconciling accounts, preparing trial balances in addition to ensuring the integrity of the general ledger and preparing the financial statements for a given cycle.
Other activities cover the calculation of the payroll and the execution and preparation of the payroll cheques, expense payments, such as anything that falls into the operational category like utilities, building rent, mortgage, maintenance and so on. Furthermore, they prepare tax statements, pension contributions, worker’s compensation and other similar documents that are part of the financial landscape of a business.
The following rates have been determined by the Institute of Professional Bookkeepers of Canada.
Junior Bookkeepers (1-2 years experience): $20 – $40/hour
Intermediate Bookkeepers (3 – 10 years experience): $40 – $60/hour
Senior Bookkeepers (over 10 years experience): $60 – $80 hour