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.
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Be sure to check your withholding:
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