Do you need a bookkeeper or an accountant?
You have decided to start a business - amazing!!
Now you know you need an accountant, however, that term is often thrown around and many are not truly sure what they require and where to start. Sound familiar?
Bookkeeper:
A bookkeeper processes the large volume of transactions on day to day activities, this means, they are reconciling the bank account, processing payroll, tracking accounts receivable or accounts payable and various other data entry items.
Can you do this role yourself? The answer is, it depends! How committed to the financial work are you? Do you want to spend this time each month doing it or would you rather outsource to an expert. Secondly, do you have the understanding of how to do monthly bookkeeping? Often times, I find if you do not have the understanding or desire to do it, often it would take longer/more expensive to have a bookkeeper teach you then outsource the work.
Accountant:
A bookkeeper and an accountant are two separate roles, which often intertwine! Once the bookkeeper has completed the data entry, the package is passed along to the accountant.
The accountant will then review the year end information on a higher level and discuss any major variances with you. The accountant will ensure the balance sheet matches supporting documentation, the income statement is reasonable and then prepare financial statements and a tax return. The accountant will then review the financial statements with you in a way that you are able to understand the numbers.
Want to know more?
Contact me today to schedule a complementary 30-minute telephone meeting to find out more.
Direct message, phone call or email to schedule now.
