In my mind accounts receivable management is the highest priority duty of a bookkeeper. Cash is the lifeblood of small business. Most small businesses are thinly capitalized and depend solely on collecting cash to remain solvent. Collection of money is a process, if done daily the bookkeeper can maximize the efficiency of collecting money for the business.
Control accounts serve a unique function whereby multiple third parties interact with the company through this account. Examples include Accounts Receivable, Accounts Payable and Payroll Liabilities. Subsidiary ledgers are customarily used with control accounts.
Control accounts are used when there are multiple third parties interacting with the business in regards to similar function. Control accounts reduce the workload for bookkeeping by using subsidiary accounts or schedules *. The aggregated value is reported as one line of value on the financial report.