A bookkeeper keeps track of your sales, purchases, payments and receipts. They organise and record financial data on a day to day basis and store the information in general ledgers in a standard way so that the accountant can also access it to prepare the financial end of year.
Without proper bookkeeping and trained knowledge on how to record transactions correctly, you may miss out on tax deductions you are entitled to. Or mistakes can be made and important details lost or forgotten. There’s more to bookkeeping than just recording data entry.
For example, some business owners think with online cloud accounting like Xero, its so easy to reconcile. In my experience, it can look that way in Xero that it’s correct but when you run the correct financial reports, there are so many transactions not dealt with. Then you have more financial or tax issues than you thought dating way back.
If your financials are in a mess, then it costs you more money either with a bookkeeper to fix it all or even more money from an accountant to fix it all rather than having a bookkeeper on board at the start. These days a Registered BAS Agent can take care of the ATO lodgements and dealings for you.