Many people use the terms ‘accountant’ and ‘bookkeeper’ interchangeably, but in fact, they actually mean very different things. The two positions serve very different purposes, and they are better suited to different types of businesses as well. However, they both provide important financial services that can help keep your business running at its peak performance. Before hiring anyone, you will need to determine which type of professional your business needs.
What is a bookkeeper?
A bookkeeper is very involved in the day-to-day operations of your business. They are responsible for keeping a record of every financial transaction that occurs throughout the day. They also are responsible for filing invoices and processing your payroll. It is their responsibility to keep your account records completely balanced, and may be also be responsible for managing future budget documents as well. Bookkeepers work very closely with their business owners, and they generally need to have a knowledge of financial topics as well as an advanced diploma or associate’s degree.
A bookkeeper is a good choice for your business if you are running a small business and need help managing the daily financial tasks that can be very time-consuming, but you don’t need complex financial services or guidance. Bookkeeping services are generally less expensive than accounting services, so they are a good choice for you if you are on a budget. However, they aren’t the best choice for complex financial services. Many larger businesses employ both accountants and bookkeepers to manage their services.
What can an accountant do for me and my business?
Accountants work closely with business owners and managers to deal with the big picture financial operations of a company. They are responsible for preparing financial statements, managing and analyzing operations costs, and helping the business owner make major financial decisions. They are also able to process company taxes. They are able to advise business owners on all types of monetary concerns, from new purchases, inventory management, investments, and more. They generally have university training or certifications in accounting.
If you are running a mid to large sized business, you will definitely need an accountant to manage your finances. They not only provide services that are highly valuable, but they also are able to advise you and help you develop better processes that will save you money. Without an accountant, you will likely be overwhelmed with financial tasks, which can be very stressful and overwhelming. Hiring a financial professional allows you to do more of what you love.
Get in contact with one of our experienced Gold Coast accountants today to talk about how we can help your business grow and succeed.