While you running a business an thinking to hire an Accountant or Bookkeeper. Its hard to make the difference between whether you need a bookkeeper or an accountant. The clear purpose is to maintain the cash-flow and keep the things in right place for your business.
Well, an Accountant and a bookkeeper role isn’t that different even work with a same goal but their service role is different at your financial cycle.
Tasks performed by bookkeeper such as recording & reconciling transactions, finding & sorting issues related to invoices, performing payroll & make sure that the day to day process works in order
An Accountant works isn’t limited to preparing financial statements & performing tax return, but also undertake audits and always track a best strategy financial planning for your business.
“Bookkeeping is designed to generate data about the activities of an organization,” said D’Arcy Becker, chair and professor of accounting at the University of Wisconsin Whitewater Department of Accounting. “Accounting is designed to turn data into information.”
Bookkeepers normally charge less hourly rates as compare to Accountants, so purposely you can save more money as working with Bookkeeper.
- Taxation planning and advise
- Business establishment assistance
- Account auditing
- Corporate financial reporting and compliance
- Advising on superannuation funds
- Financial management advise
- Setting up general ledgers
- Designing record keeping, archiving, and document destruction systems
- Creating budgets
- Recording financial transactions daily
- Processing invoices, payments, receipts, general ledgers, etc.
- Accurately posting credits and debits daily
- Completing payroll related work
- Preparing financial statements
- Reconciling multiple accounts and creating reconciliation reports
- Managing AR and AP operations
- Calculating GST
- Lodging and preparing BAS
Source: MaxMargin Accountants