Accountant vs Bookkeeper: What They Do and Why You Need Both
New business owners know the basic professional services they need to obtain: an accountant, a lawyer and a banker. However, a bookkeeper often gets overlooked.
An accountant and bookkeeper both have major roles in your business and their services are vastly different. So here’s a comparison to show you why they are both important to your business!
A bookkeeper records the day-to-day activities of the business. Using bookkeeping software, they enter the data from customer invoices, vendor receipts and bank statements. Once the information is inputted, a bookkeeper can:
- Provide business owners with financial reports
- File GST returns
- Process payroll remittances
- Reconcile bank statements
An accountant summarizes the bookkeeping information to analyze the overall financial position of the business. They can provide advice on how to grow your business, or help you understand how to read your financial reports. To do this, the accountant will:
- Verify the mathematical accuracy of the bookkeeping data
- Advise on tax planning & business strategies
- File the corporate tax return
- Prepare year-end financial statements
At Avail CPA, we do both bookkeeping and accounting. And so much more! We can help you get started or take your shoe box full or receipts and turn them into real-time financial info right on your phone. Talk to us to see how we can help your business thrive.