Your business is hitting its stride. It’s an exciting time, but not without its stressors. With so much more financial paperwork to manage as your business begins to grow, the reality soon hits home that unless you duplicate yourself, the capacity is simply unsustainable. You cannot do it all alone!
There eventually comes a time to expand your team and hire some outside professionals to take care of all the important details that might not align with your wheelhouse. One of the first places every successful business owner should invest in is by hiring a professional bookkeeper and accountant. The sooner, the better!
Bookkeepers and accountants may sound like they belong in the same realm of responsibility; however, there are distinct differences between the two. Quite honestly, it’s best to have both members on your team – and we can help with that – but let’s take this one step at a time and break it down together …
What are Bookkeepers?
Simply put, bookkeepers are lifesavers. They manage the financial flow of what comes in and what goes out, moment to moment. They are like the lungs of your business, keeping you alive and breathing.
Your bookkeeper will be your best friend as they take care of all the important financial details that keep your company afloat, while you focus your energy on your customers, your products and services, and your creative vision for the future.
Bookkeepers are responsible for keeping a close eye on a company’s finances and ensuring everything complies. This means managing your payroll, accounts payable and receivable, and maintaining daily data on financial entries and reconciliations.
Bookkeepers are also the ones who record general ledger entries, as well as other payments and adjustments. They tend to all your financial reporting each month to ensure things are ticking along smoothly, so you don’t have to worry and can just do what you do best.
What are Accountants?
Accountants compile all the vital day-to-day information provided by bookkeepers and analyse those numbers to help businesses make important financial decisions. When dealing with exciting changes or possible bumps in the road, accountants can advise on the appropriate course of action as well as forecast into the future to help you plan a strategy for success.
Accountants excel in taking care of many tasks a lot of business owners find overwhelming. They collect, track, and correct a company’s financial information to ensure everything is accurate so you stay on the right side of the law.
Your Accountant will prepare your Corporate & Personal Tax Returns. They provide Notice To Reader financial statements which are often needed for bank loans or if you’re seeking investors in your company. They can also help you with tax and cash flow planning for your business.
Daunting details or major interruptions that can make your day go sideways, like financial audits, reconciling bank statements, and staying on top of financial records are just a few things you can safely take off your plate and trust with a professional chartered accountant.
Do you need a break from money management and number crunching? Talk to us about our Bookkeeping and Accounting services. We can help you find the right fit for your team to empower your business to run a lot more efficiently and effectively.