Accountant vs. Bookkeeper: What Do They Do for a Business?

Firstly, we wish all of you a very prosperous 2017. We hope that your year will be profitable and that your business will grow. Speaking of growing, we are serious about expanding our company and are focused on giving you the best possible accounting and bookkeeping advice and services.

Bookkeeping versus accounting

A bookkeeper's responsibility is to record the daily financial transactions, which include purchases, receipts, sales and payments. This is usually done through a general ledger or journal and ends with a trail balance where the total debits and credits match. This data is important for the accountant.

The role of an accountant is to verify the data entered, and then use that data to generate reports, analyze the account, perform audits and prepare financial reporting records. These records can be tax returns, income statements and balance sheets.

An accountant can also analyse the financial information for forecasts, business trends, opportunity for growth and when to restrict spending.

Controls for Fraud and Theft

Accountants design the internal controls for the bookkeeping system. This will help to minimize errors in the recording of daily data. These internal controls also helps with the detection of theft, embezzlement and fraud.

Contact our firm for a consultation to help you with either your bookkeeping or your accounting.