Do You Know The Difference Between A Bookkeeper and An Accountant?

The Difference Between A Bookkeeper and An Accountant

I get asked all the time “so what is the difference” and “why can’t i just get you to do my tax for me”??

One way to remember the difference is bookkeepers RECORD business data and accountants ANALYSE business data.

Most bookkeepers’ relationship with their clients is on a weekly or monthly basis, whereas the accountants relationship is less frequent, therefore the bookkeeper is more familiar with the day to day running of the business – and therefore can make “on the fly” changes and corrections – things that can sometimes get overlooked or forgotten after many months.

BOOKKEEPERS are the financial record-keepers of a business. Some of the tasks bookkeepers perform include:

✔ Setting up and managing accounting systems = such as Xero, MYOB, Quickbooks, etc.

✔ Processing invoices, receipts, payments, and other financial transactions

✔ Managing payroll and superannuation for employees

✔ Preparing financial statements – Yes, we can provide Profit and Loss and Management Statements

✔ Reconciling accounts and preparing reconciliation reports ✔ Making payments on your behalf to suppliers and staff (with provision of bank access)

✔ Managing any loan or debt repayments

✔ Calculating GST

✔ Preparing and lodging your BAS

✔ Preparing forecasting for your business

Accountants will analyse these business records and give you advice on how to act accordingly and how to Tax Plan for the coming year.

At Flexible Financial Solutions, we offer a bookkeeping service where we work closely with you and also with your accountant or Tax Agent – we assist you in your day to day financial running of your business. Check out our website, to see all the services we offer.

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