The Bookkeeper at a business firm is responsible for keeping accurate, up-to-date business records for proper cash flow management, balance sheet preparation, and developing expansion and investment plans. A bookkeeper also assists in filing tax returns with updated tax records.

Accurate bookkeeping is a legal requirement and should be kept well within the standards that are set by local and federal tax agencies. Businesses may also be asked to present the accounts and records to the authorities. Irregularities can lead to severe punishments such as hefty penalties and even imprisonment of the business owner.