"A bookkeeper records the financial transactions of an organization and takes care of day-to-day functions such as recording sales and invoices, paying bills and processing payroll," Stephens said. "Accountants take the financial data and analyze it to help organizations make financial decisions."

Bookkeeping can be a stressful job, but it doesn't have to be. There are high stakes when managing a business's financial statements, which can lead to stress. However, if you have a rigorous organizational system and a solid knowledge of rules and regulations, it can be straightforward and easily manageable.

Keeping track of which account each transaction goes into will be very important. Another part of accounts activity is maintaining records and files. You will have receipts, invoices, reports, and other documents that get filed away. It may be a physical filing system, or you will scan and file them electronically.

What Is Virtual Bookkeeping & What Are Virtual Bookkeeping Services? Like traditional on-site bookkeepers, virtual bookkeepers manage day-to-day financial tasks like recording transactions, reconciling bank and credit card accounts, and processing payroll.