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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 tutorial discusses the role of a bookkeeper, typically an accountant, responsible for managing records for financial reporting and tax purposes. Bookkeepers perform various tasks, including overseeing accounts payable and receivable, bank reconciliation, bill payments, budget preparation, customized reports, general ledgers, financial statements, and payroll. They may work full-time, part-time, or on a contract basis. At the end of the video, viewers are informed about a free bookkeeping contract template available for download.