Do I Need a Bookkeeper or an Accountant for My Business?
When you run a business, there’s never enough time in the day. Whether you’re growing the business, managing employees, seeking new leads or managing a hundred other things, managing and properly tracking your business’s finances can be an additional time-consuming task. If you are considering getting some extra help in any aspect of your work, consider a bookkeeper or an accountant to avoid any accidental financial errors. These experts will ensure your finances are on track and nothing slips through the cracks.
When looking for financial support for your business, it’s important to understand the type of help you need along with how each role could support your organization’s finances.
What Does a Bookkeeper Do?
A bookkeeper will organize and record your business’s day-to-day transactions. If your business commonly has frequent incoming and outgoing transactions, hiring a bookkeeper is a great way to ensure transactions are organized and tracked. Bookkeepers can also help with account management to make sure invoices are being received or paid on time. Additionally, some bookkeepers also process payroll and any associated tasks.
Hiring a bookkeeper can be a good option for businesses looking for extra help tracking daily transactions. Adding a bookkeeper to your team will help your business stay organized financially and save you valuable time.
What Does an Accountant Do?
If your business needs a broader range of financial support, consider utilizing an accountant. An accountant helps businesses with budgeting and forecasting expenses, as well as making key decisions based on the data and analysis of the organization’s financial state. They process, prepare, and examine financial records and ensure the accuracy of financial documents. Accountants can also steer companies through the process of applying for business loans and filing taxes while making sure they take advantage of any tax breaks available to them.
Differences Between an Accountant and a Bookkeeper
While many businesses benefit from the steady support of a bookkeeper, an accountant can provide more big-picture services for your business. Bookkeeping work is just the start of an accountant’s job. Recorded transactions are used by an accountant to develop insights, interpret data, and summarize performance to help leadership make sound business decisions. If you are looking for more insight into the financial state of your company outside of tracking and reporting the facts, an accountant is the way to go.
Utilize the Best Resources for Your Business
When it comes to making your business a success, it’s all about finding the right resources. This may be a bookkeeper or an accountant (or both!) to help you track financial transactions and better understand the current financial state of your business.
Another helpful and cost-effective resource for any business is having a flexible workspace. With Office Evolution, you can get a professional business address, meeting space, private offices, and even a shared workspace to help you and your team work productively. Schedule a tour at an Office Evolution near you to learn more about how Office Evolution can support your business.