For most businesses, the work required to handle bookkeeping responsibilities will necessitate a specialized bookkeeper to handle the books. In their typical day-to-day, a bookkeeper must:

• Develop and adhere to their employer's bookkeeping policies, procedures, and systems.
  
• Manage cash flow.
  
• Balance and maintain subsidiary accounts such as accounts payable, accounts receivable, and payroll.
  
• Prepare invoices.
  
• Keep track of overdue accounts.
  
• Categorize business transactions.
  
• Prepare bank deposits.
  
• Deliver payments to lenders.
  
• Verify receipts.
  
• Maintain bookkeeping documentation.
  
• Maintain compliance with federal, state, and local requirements.
  

Put simply, bookkeeping refers to the task of meticulously organizing and recording a business's financial transactions. A professional specializing in undertaking these tasks is known as a bookkeeper.

Good bookkeeping means less work for your accounting, which in turn means better value since bookkeepers are generally less expensive than CPA services.