I have an accountant, do I really need a bookkeeper?

You and your business can really benefit from having both an accountant and a bookkeeper.

While they may seem similar roles, each does have its own distinct focus. An accountant would typically be responsible for submitting your end of year company tax return, business consulting, strategic financial planning and decision making, and other elements of financial strategy.

Bookkeepers are primarily responsible for the day to day financial record-keeping and data entry of your business, generating financial reports and ensuring compliance and accuracy with all your financial transactions, although in some areas bookkeepers and accountants are becoming closer together with bookkeepers able to provide more advisory and strategic data than before.

With having both a bookkeeper and an accountant then you will benefit from the following advantages:

• Bookkeepers ensure that the financial records are accurate and up to date, reducing the risk of errors and penalties.

• Bookkeepers handle the time consuming tasks such as data entry and record keeping, freeing you to focus on other aspects of your business.

• Bookkeepers provide regular financial updates so that you’re always aware of the financial health of your business, allowing you to make informed business decisions.

• Bookkeepers provide accurate records of your business, making preparation for your company tax return more efficient. This means that your accountant has a minimal amount to do on your tax return, saving you money and making the financial process much more efficient.

To sum up, accountant provide strategic guidance for your business while bookkeepers ensure your financial records are accurate and compliant and provide the financial foundation for your business to thrive.