What is the difference between a Bookkeeper and an Accountant?
Bookkeepers and Accountants are both essential parts of maintaining a company’s financial health and compliance. Bookkeepers focus more on managing day-to-day financial transactions while Accountants provide expert insight and consultations to business owners on financial strategies and patterns. Bookkeepers prepare data and reports while Accountants use the information they collect to assess a company’s financial health and make projections about future income.
What’s included in Full-Service Bookkeeping?
Full-Service Bookkeeping includes two phases: cleanup and ongoing bookkeeping
In the cleanup/setup phase, your bookkeeper helps you set up your chart of accounts, connects your banks, and teaches you the basics of QuickBooks. If you have information in QuickBooks already, your bookkeeper will help clean it up in the first month of service.
As part of ongoing bookkeeping, your bookkeeper categorizes your transactions and reconciles your accounts each month.
Your bookkeeper can close your books and prepare a trial balance. They can also send PDF copies of key financial reports including your profit and loss statement and balance sheet.
Frequently Asked Questions
Why would you hire a professional bookkeeper?
There are many good reasons to hire a professional bookkeeper. Here are three of them:
1. They save you a ton of time.
2. They help you understand your business finances.
3. They can take a lot of stress out of managing things like cash flow.
A bookkeeper can also offer support to business owners who feel like they’re working alone.
