You may have heard people use the terms “bookkeeping” and “accounting”
interchangeably.
The duties of a bookkeeper and accountant vary from business to business. Some
bookkeepers for small companies may do some basic accounting, while many
accountants may do bookkeeping projects come tax season.
While bookkeepers and accountants share common goals, they support different sides of your company’s financial strategy.

Do I Need to Hire Both?

What Bookkeepers Are For
When hiring a bookkeeper, you’re hiring someone who can record sales transactions, document business expenses, process payments, maintain the payroll, and ensure the books are balanced at the end of each month. They can do much more depending on the size and type of your business, like handling petty cash accounts and creating basic financial statements.
By taking care of accounts payable, a bookkeeper’s job is to ensure that vendors are billing the correct amount and bills are being paid in a timely manner.
They’re also responsible for sending out invoices, recording payments, and contacting clients with outstanding invoices.

What Accountants Are For
Bookkeeping tends to focus on the transaction side of your business. While accountants take a much broader view of things.
Accountants are qualified to perform all the actions a bookkeeper can do. Still, they usually perform different roles like analyzing the books for discrepancies, analyzing sales trends, completing end-of-year financial statements, and handling your tax filing.
Come tax season, an accountant’s job is to ensure that you’re in compliance with the tax laws and that your return is accurate and filed on time, which is a service a
bookkeeper can’t provide for you.
Accountants can also be invaluable when it comes to identifying areas for potential
growth and developing financial forecasts. For example, if you’re applying for a business loan, they’ll assist you by getting all the necessary documents together. Even though some of those documents my come from your bookkeeper.

Which Is Right for My Business
Review your short-term and long-term goals to decide which is right for you. If your business is still in its beginning stages of life, you may find a bookkeeper to be sufficient in managing your small circle, and it’s definitely the more cost-effective choice.

As the complexity of your financial transactions increases, you may consider bringing on
an accountant for additional inspection and oversight.

Not ready to do it on your own

The QuickBooks Guy offers not just bookkeeping services but also a partnership in your financial journey. With a deep understanding of QuickBooks and a commitment to personalized service, The QuickBooks Guy is your ally in navigating the complexities of financial management. By choosing us, you ensure that your business’s financial health is in capable hands, allowing you to focus on growing your business.

Don’t let bookkeeping challenges hold you back any longer. Reach out today at 678-923-5904 or drop an email to TheQuickBooksGuy@gmail.com.