Bookkeepers & Accountants: Do You Need Both?

Have an accountant but wondering if you need a bookkeeper as well? We’re here to help you understand these roles and determine if your business requires either, or both! 

First, let’s differentiate between the two with XERO! To put it simply, XERO explains how “Bookkeeping focuses on recording and organising financial data. Accounting is the interpretation and presentation of that data to business owners and investors.” 

So, an accountant and bookkeeper compliment each other! And better yet, by investing in a bookkeeper and accountant, you allow yourself time on your weekends or at night doing the things you enjoy, like spending quality time with your family or indulging in some R&R - or even extra time throughout the day to grow your business.

Looking at the finer details though, bookkeepers tend to focus on jobs that are typically associated with managing your business’:

• Payroll

• Invoicing

• Receipts and bills

• Recording business transactions

In particular LK Accounting Services also focuses on:

• Account Payments

• Bank Reconciliation

• Debtors

• Sales & Takings Auditing

• Stock Takes

• Gaming Analysis

• P&L Reports

• End of Year Reporting

However, Accountants typically focus on:

• Financial statements and reports

• Budgets

• Tax returns

• Business analysis

So, we can see why there would be confusion about the roles of an accountant and bookkeeper - especially as there is often overlap between tasks when you’re a small or medium sized business! But, hiring a bookkeeper and accountant can be especially beneficial and we’d highly recommend it! Why? 

By hiring a bookkeeper and an accountant at the same time, you will reap the benefits of accurate data entry, well-kept access to documentation (such as proof of purchases and expenses), on-time staff wage payments, up to date books and so much more. Not to mention lodging your tax accurately and on time, limiting your risk of late fines, improved invoicing, processing and cash flow, less errors on important tasks and all in all improvements to your business’ profitability. 

Let us help you by managing your bookkeeping needs - allowing you time to work on your business, which is where you’ll have the most impact! 

Contact Lee-Anne today at lee-anne@lkaccounting.com.au or you can contact us via our contact form here.