Monday 13th May 2024
WHAT DOES A BOOKKEEPER DO?
A bookkeeper's job is to maintain complete records of all the money that has gone into and come out of a business.
Bookkeepers record all of this data and transactions in an easy way to read, enabling accountants to do their job.
WHAT DOES AN ACCOUNTANT DO?
Accountants analyse the financial data that a bookkeeper records. They provide business owners with insights into the financial side of their business and give financial advice.
Accountants help to ensure that businesses are claiming the right expenses, paying the right tax, and gaining the most financial benefits for their business.
BOOKKEEPING VS. ACCOUNTING
Bookkeeping is a transactional and administrative role, that handles the daily tasks of recording financial information, including purchases, receipts, sales, and payments.
Accounting provides business owners with insights into their financials, based on this data.
ADVANTAGES OF A BOOKKEEPER:
There are several benefits of hiring a bookkeeper. These include:
Organizational services: Bookkeepers will track and organise your financial documents. If you hire an accountant, your bookkeeper will be able to work alongside the accountant, potentially saving you money in accountant fees.
Lower cost: Bookkeepers usually charge lower fees for their services when compared to accountants.
Direct assessments: Bookkeepers help to give you a straightforward look at your business's financial situation.
ADVANTAGES OF AN ACCOUNTANT:
There are also some advantages to hiring an Accountant. These include:
Analysis: An accountant will give you a better understanding of your financial situation, along with ways to improve your business financials.
Expertise: Accountants must complete qualifications, certifications, and work experience in order to work as an accountant. They can bring valuable expertise in areas such as tax.
Legal assistance: Accountants are able to help your business deal with any legal issues or any issues with HMRC.
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