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Accountancy & Bookkeeping Differences

FAB is well placed to answer this question as we do both.
Some business owners think a bookkeeper and an accountant is one and the same.
Whilst they both work with you in your business and your finances, some over their jobs overlap, but there are some important differences.

 

Usual tasks of a bookkeeper

  • Ongoing financial recording
  • Processing invoices, receipts, payments, and other financial transactions
  • Processing and maintaining your payroll system
  • Preparing initial financial statements
  • Reconciling accounts and preparing reconciliation reports
  • Managing your accounts receivable and accounts payable, i.e. amounts owing by debtors, and amounts owing to creditors
  • Calculating GST
  • Preparing and lodging your BAS
  • Designing, establishing and reviewing accounting systems

Role of an accountant in your business

Your accountant, will be the advisor who analyses the data produced by your bookkeeper, reports on it, and is best suited to give you financial advice. Your accountant will also have a strong understanding of your taxation requirements, and will be best able to assist in that area.

Usual tasks for your accountant

  • Taxation advice and planning
  • Business establishment assistance
  • Auditing
  • Corporate reporting and compliance
  • Superannuation fund advice
  • Financial management advice

There are a number of differences between the services offered by bookkeepers and accountants some of their jobs overlap but they work hand in hand with you to help expand your business with control.

WE WON’T BE BEATEN ON VALUE OR SERVICE!

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