Running your own business can be complicated and confusing. No two days are the same and there is always something you need to do or learn to do. For some business owner’s numbers can be the biggest downfall for running their own business. If you can’t make sense of the numbers then the financial status of your business is at risk.
But once you have decided you need help with your numbers and accounting, who do you go to? Do you go to an accountant? Do you need the help of a bookkeeper? Perhaps you need an accountant and a bookkeeper?
Generally speaking a bookkeeper will generate data about your business activities. They will help you keep on top of invoices and receipts, and just keep your business books in order.
An accountant however will transform your business activity data into real information that will help you understand the financial position of your business.
While the bookkeeper will record the day to day transactions of your business, the accountant will then verify and analyse this data. They will tally up your business numbers and make sure they match. Your accountant will look at the bigger picture of your business, and provide tactical and strategic advice. You will get all your key documents from your accountant too. Things like profit and loss statements. Your accountant can also file your taxes on your behalf.
A good accountant will act like your outsourced Chief Financial Officer.
Meanwhile a bookkeeper can make sure that your books are in order, your invoices are sent out on time and payments are followed up too. Your bookkeeper can help you manage bill payments and help you track expenses too.
Some businesses owners will benefit from having a bookkeeper and an accountant. While other business owners will prefer to have just an accountant.
Why not speak to us today about your business needs and we can help you understand the benefits of an accountant and a bookkeeper so you can decide what is best for you and your business.
Call Us on 01778 338049