Do you hate working with numbers to the point that you simply do your best to ignore them? If so, you probably need an accountant or a bookkeeper. Dealing with finances can be challenging, even for those who like working with it. There’s a lot of ways things can go wrong, and if any mistakes occur, it could set the business up for deep trouble.
That being said, if you are interested in hiring a professional to deal with your finances, one question might remain in your mind: should I hire an accountant or opt for a bookkeeper? To answer this question, we first need to understand what the two positions do to know which professional to hire:
What Does a Bookkeeper Do?
A bookkeeper’s job will typically revolve around the usual daily tasks like ensuring the invoices are sent out on time, that any payments due are paid, that all expenses are tracked, and the likes. When talking about beginner bookkeepers, they usually start off doing simple data entry until they have accumulated enough experience to deal with the financial side of things. At that point, they can then train to become an accountant, studying to earn the professional Chartered Accountancy qualification.
What Does an Accountant Do?
An accountant, on the other hand, will deal with the financial side of things. Everything from daily transactions to verification of accounts is done as a normal part of the accountant’s task. Apart from tallying numbers to ensure everything is accurate, they will also offer strategic advice and help business owners make sound financial decisions, all based on the company’s financial records and standing. Accountants can also deal with creating financial statements and documents, and they can even file taxes for you. Finally, they can even act as your chief financial officer should you not have one already.
Which One Should You Pick?
Between an accountant and bookkeeper, which one should you hire? That will entirely depend on your need. Generally, if your business is small and doesn’t deal with anything too big, a bookkeeper will suffice. On the other hand, if you are running a complex corporation with a lot of individuals under your care, you will want to have an accountant to assist you. On the off chance that you have a bookkeeper at that point, then you will need to hire a good accountant to support their activities.
If you do not have a bookkeeper nor an accountant working for you, now’s the time to make some changes. Having such professionals assist you in running your business will not only lift away a lot of burdens from your shoulder but allow you to focus on other important business processes while they deal with finances and the like. That said, whether you are hiring a bookkeeper or an accountant, always make sure they are qualified for the job you want them to do and ensure that they can communicate with you well. Otherwise, you’ll only be setting yourself up for trouble through miscommunication or someone who cannot meet your needs!
BarettStacey Accounting is a friendly, approachable team of accountants and bookkeepers in Bristol, offering quality financial services to help businesses stay on top of their finances. If you are looking for small business accounting or bookkeeping, reach out to us today!