Business owners who do not know much about financial services often make the same mistake routinely. This mistake consists of thinking that bookkeeping and accounting services are the same. Prior to hiring a financial expert to assist you with your business needs, it is essential to understand the distinct differences between hiring an accountant and hiring a bookkeeper.
In this blog written by Raleigh Bookkeeping, we will discuss whether it is essential to hire an accountant or bookkeeper for your business.
Do I need an accountant or bookkeeper:
Differences between bookkeeper and accountant: Hiring a bookkeeper means bringing someone on to your team that is responsible for handling your books. Not only does a bookkeeper stay current with your businesses on going transactions, but they also keep your records up to date. An accountant can handle some bookkeeping skills as well as oversee a bookkeeper to ensure that all transactional data is correct.
Separating duties: It is essential to have a clear separation of bookkeeping and accounting duties and an understanding of where the responsibilities lie. A bookkeeper is responsible for entering data. The accountant is responsible for reconciling the work completed by the bookkeeper. Lastly, a business owner is responsible for supervising both the work of the accountant and the bookkeeper.
Changing needs if a company grows: In the early start of a business, the needs of a bookkeeper and accountant are basic. Though the needs are basic, it is still essential to have them for growth purposes. Once a company begins to blossom into something greater, these needs may become a bit more essential. It is common for these needs to shift and change as growth takes place.
Business owners who are not experts when it comes to financial services often make the same mistake. This mistake consists of confusing bookkeepers with accountants. At the end of the day, both are essential assets to a business when it comes to keeping transactional data organized and in line. Do you need assistance with Bookkeeping in your business? At Raleigh Bookkeeping, we can help to take a load off by keeping all of your books and transactional data in order.
