Bookkeeping Services versus Accounting Services – What’s the Difference Between the Two?
Keeping up to date with your business’ daily finances, projections and returns can be difficult without the professional services of a bookkeeper and accountant. It may seem that having one over the other is more beneficial. However, when it comes to a decision based on bookkeeping services versus accounting services, Go Business would like to draw your attention to the importance of enlisting both services for your business to thrive.
Accounting Offers Overall Financial Guidance
Most businesses are hard-pressed to distinguish between accountants and bookkeepers as both deal with the intricacies of finance. Bookkeeping services record the daily financial transactions of a business whereas accounting services will take the data supplied by the bookkeeper and compile reports providing a necessary insight into the financial well-being of your business.
When it comes to bookkeeping services versus accounting services, detailed transactional reports will determine an accountant’s analysis and the overall health of your business. Go Business’ professional accounting services provide both, ensuring that your business’ finances are accurately recorded, and sound recommendations are made based on the information submitted.
Bookkeeping Manages Daily Business Transactions
One of the most important tasks of a bookkeeper is managing a general ledger, which details the sales and expenses of your business. The complexity of bookkeeping is purely dependent on the size of your business as well as the number of transactions undertaken on a daily, weekly and monthly basis, including accounts received and accounts payable, and, at times, payroll. A bookkeeper’s focus is on accurate record-keeping and providing a company’s financial statements to the accountant, including any supporting transactional documentation required.
Gaining a Better Financial Understanding of Your Business
Where bookkeeping keeps control of the financial activities of companies, an accountant’s role is to analyse data and provide comprehensive reports based on the information supplied by the bookkeeper. Accountants will take into consideration possible additional expenses and ensure that financial reports are generated, audits are carried out and your company’s tax returns are prepared. This service assists you in gaining a more realistic financial perspective of your company.
Accounting services are there to assist you in understanding the consequences your financial decisions have on your organisation as well as provide you with forecasts and business trends, thereby presenting your business with growth opportunities.
Why Should a Company Seek Accounting Specialists?
No matter what size your business is and whether you are starting or already established, having the support of a bookkeeper and accountant will free up your time to focus on other aspects of your business and give you peace of mind in knowing that these services will save you money and benefit the financial success of your organisation. To secure your company’s existing and future financial growth, Go Business advises that you seek professional bookkeeping and accounting services.
Expert Support Services for Your Business
At Go Business, we understand the importance of having a support structure for your business and offer a full range of accounting and business services ensuring that the operational and financial well-being of your organisation is in qualified hands. Contact us for a free consultation so that we can how we can assist you.