What Does An Accountant Do?įor example, your business should consider working with a certified public accountant cpa any time you need to: Although many small or simply-structured companies find hiring a full-time accountant neither necessary nor affordable, there are certain business events and growth stages that warrant working with a CPA - if only temporarily. The valuable work that bookkeepers do is typically either reviewed by or performed under the supervision of, a Chartered Professional Accountant (CPA). Looking for a bookkeeper you can rely on? Let's talk Why Your Business Needs an Accountant Plus, working with a certified Xero or QuickBooks bookkeeping service provider is a great way to ensure you receive experienced care that’s ultimately designed to make your business run smoother. The opportunity to integrate accounting functions with convenient receipt-tracking, payment, and scheduling apps, as well as all-in-one payroll solutions reducing the need for manual data entry.The ability to access their financial data from virtually anywhere, anytime, and.Controlled access and enhanced data security,.Not only do online accounting programs like these save valuable time, but they also provide business owners with: Moreover, most professional teams are experienced in using powerful, cloud-based accounting software like Xero or QuickBooks Online to streamline the bookkeeping process. Outsourcing these non-revenue generating duties to a qualified bookkeeper would provide you with more time to focus on managing your company. Generate reports and monthly financial statements that include balance sheets, and income and cash flow statements.Perform bank account and credit card reconciliations, and.Process pay cheques or direct deposit transfers,.Calculate and remit payroll deductions,.Processing your accounts receivable and accounts payable,.Record client payments and issue receipts,. Generate customer invoices and statements,.Verify and record expense receipts and employee expense reports,.Receive, enter, and pay supplier invoices,.The list of tasks performed by an in-house or outsourced bookkeeper is often quite long, and usually includes working with your company’s general ledger to: That analysis allows business owners to make more impactful decisions about the direction their business is taking. In fact, the more systematic your approach to bookkeeping, the easier it becomes to promote and monitor your company’s growth.īecause a bookkeeper’s responsibilities essentially revolve around reporting and recording financial transactions, they lay the foundation for better accounting analysis. In any business, the potential to thrive and expand leans heavily on keeping an organized set of financial records. Here’s an overview of how taking advantage of both professional bookkeeping and accounting services can improve your business processes while leaving you to focus on what you do best. Accurate and optimized tax returns, and.Financial forecasts, projections, and budgets,. Working with a designated accountant, meanwhile, is your best course of action when you need help analyzing and transforming those records into: They are integral to recording the day to day and monthly financial activities surrounding your organization’s: Maintain general ledger and chart of accountsīookkeepers are required to know some basic accounting. Generate monthly financial statements such as income statement, balance sheet, and cash flow statementĬomplete annual tax returns and conduct tax planning Perform financial analysis and financial planningĬonduct bank and credit card account reconciliations Process payroll and remit payroll deductions Review financial statements and account balancesĬreate customer invoices and collect payments Record and categorize financial transactions Key Differences Between Bookkeeping and Accounting Bookkeeping tasks As their names would suggest, bookkeepers “keep” or manage your company’s financial books and records, while accountants “account” for – or analyze and explain – what’s in them.Īs a result, accountants and bookkeepers work in tandem to ensure your company’s finances are not only organized, up-to-date, and compliant but that they’re being used to elevate your business performance.
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