Bookkeepers and Accountants are the most important identities of any organization, they both support your difference, but the difference between the Accountant and bookkeepers is “The bookkeeper maintains the record of sale & Purchase that your organization performs, but the accountants analyze your business performance and also analyze the data on monthly basics and provide suggestions regarding the sale purchase and how to maintain it and others. No doubt, both are linked with each other, but both handle different tasks.”
In Small business, the accountant can handle bookkeeping services for your business or you can also handle it on your own, but make sure that you have sufficient knowledge of both concepts, but as the business grows: new customers, vendors, and employees are attached to your business, then it is difficult to manage the all things on your behalf. At that point, you have to hire an accountant and a bookkeeper for your business to manage all things.
The Bookkeeper Role vs The Accountant Role
What is Bookkeeping
Bookkeeping refers to the method of monetary record keeping. Accurate financial record keeping helps organizations to keep track of their income and expenditure, and also help us to stay within budget.
Their Task:
- Record Financial Transactions
- Invoice preparation
- Record entries of bills
- Maintain the ledger, accounting, and sub-diaries
- Filling Tax Returns
- Pay Bills
- Performing other duties as needed
What about outsourcing bookkeeping/Bookkeepers
Outsourcing bookkeeping/Bookkeepers are one of the ultimate ways if you don’t want to hire a bookkeeper for full time, or your organization is small and few transactions in a day & Month. It also helps the businessman to save money and it is more economical for your small business. This is one of the most reasons why organizations hire outsource bookkeepers for their small business.
What is an Accountant/Accounting?
An accountant is a person who performs accounting functions such as analyzing and audit your business and its financial statements, and they also ensure the business is running on the right track or not and provide suggestions for your business improvement.
An Accountant can handle bookkeeping services if the organization is micro or small. In a major business, there is a separate department that handles the bookkeeping, and this department is managed by the accountant
Role of Accountant
- Provide profit and loss statements
- Offer a balance sheet of your business
- Tax return preparation is done on time or not
- Risk Analysis
- Suggestion regarding cost reduction
- Adjust Entries
Final Words
Before hiring the accountant and bookkeeper, make sure that they are experienced and have sufficient knowledge of new Government budgeting rules. To find a good person, ask your friend and business partner to look after and hire the only Reliable Bookkeeping Services Provider
About the Company
Reliable Melbourne Accountants is the leading and trusted accounting firm in Melbourne, Australia, Offer Accounting, and bookkeeping services for your business. Call Now 1300049534 or Email: enquiry@rmelbourneaccountants.com.au