Bookkeeper. Accountant. You hear these words frequently, and sometimes interchangeably, but aren’t sure what the difference is and which one you need for your business. Simply put, bookkeepers record the day-to-day transactions of your business. Typical bookkeeping tasks may include: preparing invoices, recording expenses, applying customer payments, reconciling bank accounts. Accountants review and analyze your bookkeeping data to provide you with an overall picture of your business’s financial performance. In order to provide you with this financial information, accountants may prepare adjusting entries such as depreciation, accrued liabilities, deferred revenue, prepaid expenses. An accountant’s analysis of the financial information can provide information for forecasts/budgets, highlight opportunities for growth and suggestions to help you manage your cash flow.
“How do I figure out which one I need for my business?”
Many times it depends on how involved you want to be, the level of expertise you want, and the complexity of your business. For example, some business owners do their own bookkeeping and engage an accountant to review and analyze that information. Other business owners outsource the financial management of their business and meet with their accountant to review and understand their business’s performance.
Working with us, you don’t need to worry about whether a bookkeeper or accountant is best for your business. Our service combines bookkeeping and accounting, offering the ideal solution to outsourced financial management for your business.