November 20, 2018
Running a business of any size can be difficult without a little professional intervention and guidance, such as what you might expect to receive from an accountant or bookkeeper, and they often play an extremely significant role. If you’re uncertain as to whether your business would benefit from professional help, and are unclear as to whether you need an accountant or a bookkeeper, the following guidance should be of help to you:
Accountants and Bookkeepers have different roles and duties:
For an accountant, the primary focus of their work is based upon preparing and lodging statutory return, giving advice and counsel on legal entity structures and giving general advice related to business and finance. In addition, accountants are more often than not members of a statutory association and may refer to themselves as CCA’s (Chartered Certified Accountants) or CA’s (Chartered Accountants).
For bookkeepers, they manage a variety of responsibilities within small businesses, but their primary focus is upon organising, recording and reporting the financial transactions that make up the operational life of a small business. As technology has progressed along with businesses, many bookkeepers now add the following duties to their role:
More often, a bookkeeper will have an area that they specialise in, and it’s worth asking them about this when (or before) you hire them.
What exactly does a bookkeeper do?
Among a wide range of duties and responsibilities, here are some of the main tasks that a bookkeeper will perform to help keep a business operating smoothly:
Put in its’ simplest terms, a bookkeeper handles the day to day running of a business, so that the accountant can focus his efforts on the more strategic side of the financial operations. Bookkeepers play an essential role in most businesses, large or small, and without a good and reliable bookkeeper, an accountant simply cannot do their job as effectively.
Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud.
With the tax reform now in full swing, it’s more important than ever to get your taxes right and to try to understand the changes to the law as...
Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So,...
As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible:
Locate records of all charitable contributions: