Jennifer Devine’s company does a fantastic job! Always responsive and super smart with simplifying your cloud needs.
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Bookkeeper Or Accountant?
To most people outside of the finance world, these words seem interchangeable. Both deal with the same function, making sure that the finances of your business are handled and managed correctly. But ask anyone in the financial industry, and they will tell you that accounting and bookkeeping are two very different things. So, when your business is ready to go to the next level, how do you know what to look for in a financial professional? First, it is important to know the difference between a bookkeeper and an accountant.
What is a bookkeeper?
A bookkeeper’s function is in service of the books. The sole purpose of this position is to reconcile the bank accounts, enter in the bills, pay invoices, etc. They do all the coding and can provide basic reports for your business. This process is a must for the day-to-day operations of your business. This is a task-driven position, and while it can free up some of your time, you may not be able to get the in-depth reporting and analysis of information you are looking for.
What is an accountant?
Accountants can do all of the same tasks that a bookkeeper does, but they can provide you with a more detailed and accurate picture of your business’s financial well-being. Accounting offers a variance analysis, and comprehensive reporting and can bring an investigative eye to your books. Accountants are also eligible to become CPAs or Certified Public Accountants. Having an accountant on staff can help develop your business by bringing a more thorough analysis than what software alone can provide.
How do you decide if your business needs a bookkeeper or an accountant?
Now the question becomes what to do when looking to hire someone to manage your finances. There are pros and cons to both. With bookkeepers, you have someone who can manage your day-to-day needs with ease and that is their sole purpose with your business. However, you lose the expanded knowledge and experience of an accountant. With an accountant, you gain someone who has a vast knowledge base and a plethora of experience. But, accountants can cost your business more money in salary expenses. Both a bookkeeper and an accountant are essential to your business, but hiring someone full-time can cost you in salary and benefits. Additionally, you don’t want to have just one person dealing with such an essential function. Who is going to double-check their work? What if that one person doesn’t know an answer to a specific problem? How do you decide what is best for your business?
Why do you have to choose one or another?
Having your bookkeeping and accounting outsourced to a professional firm is a great way to get the best of both worlds. At Devine Consulting, we are just that, your accountant and your bookkeeper! It is all we do, so you know that your business is getting the best service possible. Not only that, but you get a team to support your business. No more fear of the “what ifs”, having a team of professionals behind your books will give you peace of mind knowing that you have the best in the business working with and for you. We are here for you when you need us, and we can take the stress of financial management off your plate! At Devine Consulting we make accounting personal.