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A bookkeeping services agreement is established between a client and a bookkeeper for one-time or ongoing accounting services. The video explains the role of a bookkeeper, typically an accountant, who organizes financial records for businesses or individuals for internal reports and tax purposes. Specific management tasks may vary by client and include overseeing accounts payable and receivable, bank reconciliation, bill payment, budget preparation, customized reporting, financial statements, general bookkeeping, payroll, and check registers. Bookkeepers can work full-time, part-time, or on a contract basis. At the end of the video, viewers can access a free bookkeeping contract template.