Do I need an Accountant or a Bookkeeper?

If you’re searching for someone to help you keep track of your financial transactions, pay invoices, enter revenue, and keep your books balanced and on track – you’re in the market for a bookkeeper. A bookkeeper will:

  • Record all your transactions
  • Post debits and credits
  • Receive all forms of payment including cash, checks, and prepaid certificates
  • Generate financial reports
  • Make sure all financial numbers are correct
  • Reconcile differences they find in reports
  • Keep your books balanced
  • Track billing due dates and call on past-due accounts
  • Complete payroll

Although many people may interchange the term “bookkeeper” with “accountant”, they are two separate positions. While a bookkeeper completes the tasks as described above, an accountant will take your finances one step future and offer guidance when it comes to a company’s financial status. An accountant or CPA will:

  • Monitor company’s financial status
  • Provide financial projects and reports
  • Utilize formulas and accounting ratios to discover trends
  • Prepare and file business taxes
  • Stay up to date on financial regulations

A CPA holds a college degree and becomes certified in the state they practice by passing a rigorous exam covering auditing, business environment and concepts, financial accounting and porting, and regulations.

Most small to medium sized businesses think they need to search for an accountant to help them manage their finances, but in reality, they should be searching for a bookkeeper.

At 360 Virtual Accounting, we employ a team of bookkeepers that work with companies throughout North America, led by a CPA who assists with any complicated financial situations. We also specialize in offering business guidance and advice that extends past what a bookkeeper may identify. Contact us today to learn how your business can benefit from our remote bookkeeping services.

 

 

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