Bookkeeper Vs Accountant: Which Is Right For Your Business?

Who thinks about hiring bookkeepers Melbourne? For most, they don’t think about hiring bookkeepers or accountants when running their business. However, it’s extremely time-consuming and for most they don’t have the ability to deal with finances as well. Sometimes it is necessary to call in help and get the right people to assist in such matters. Accountants and bookkeepers can be the ideal people too but which is the one for your business? Do you require both an accountant and bookkeeper?

The Role of a Bookkeeper

Bookkeepers have the duty and responsibility of creating basic financial statements for the business. They can create these statements once a month or regularly if so required but they do take control of the financial side of the business. A bookkeeper will maintain good and accurate records of the daily financial element including recording sales, payments received and made, as well as expenses and even payroll. They will also have the duty to ensure the books are balanced so that a business can fully see their finances and the type of position they’re in also. Bookkeepers can also ensure anyone needing paid is paid, and that the business is paid on a timely manner by clients.

What Do Accountants Do?

Accountants have a similar role as a bookkeeper with a few exceptions. They will analyse the books in great detail and will look for a wide variety of mistakes in the books as well as discrepancies. The accountant will also look at how the sales figures are trending and offer reports on these; you may also be able to get yearly financial statements along with handling tax matters. Accountants are trained in a sense like bookkeepers Melbourne but offer a different view on things. You can turn to them if you’re thinking about expanding a business and require financial assistant and reports. Long-term strategies can also be offered.

Should You Choose A Bookkeeper Or An Accountant?

Understand this is not a simple question to answer. Everyone needs something different and that might mean you need something different to your nearest competitor. It really comes down to what you feel is necessary for the business in the short and long-term view. Also, you have to remember that while accountants are useful for yearly reports, it’s the bookkeepers who deal with the books on a day to day basis. Bookkeepers might be the ideal solution for short-term views and they really can offer a lot of help and support to.

Choose Wisely And Do What’s Right For Your Company

Running a business is full of ups and downs and for the most part you need something unique to keep your business running smoothly. Choosing between a bookkeeper and accountant isn’t really necessary because you could have both! If you felt a bookkeeper was a more useful addition for daily functions and the accountant was more a yearly addition you could have both. Remember, it’s what’s best for your business and if you feel both are needed, that’s your choice. Just remember to choose the best accountant and bookkeepers Melbourne.

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