Bookkeeping FAQs
Q. What is the difference between a bookkeeper and an accountant?Q. Why is bookkeeping important?
Q. Why should I outsource my bookkeeping?
Q. How often should I use a bookkeeper?
Q. If I hire a bookkeeper or bookkeeping service, will I still need an accountant?
Q. Why is it important that my bookkeeper be certified in accounting software?
Q. What is the difference between a bookkeeper and an accountant?
A. A bookkeeper handles the day-in-day-out financial record keeping and reporting. An accountant specialises in the interpreting of financial information provided by bookkeepers to make important financial decisions about a business entity. Accountant specialisations include: taxation, financial planning, business advice and consulting.
Q. Why is bookkeeping important?
A. Keeping your finances in good order is important for a number of reasons. Firstly you need accurate books to file your tax returns. Second, your bank, investors, or other interested parties may require certain financial reports on a regular basic. Good bookkeeping helps you get an accurate financial picture of your business.
Q. Why should I outsource my bookkeeping?
A. Outsourcing your bookkeeping allows you to focus on your business. It frees up your time to allow you to focus on revenue generating activities. Outsourced bookkeeping services can result in improved efficiencies, cost savings, access to financial expertise not available in-house, and an improvement in being able to monitor your business finances.
Q. How often should I use a bookkeeper?
A. This will depend on your or your businesses needs. If you are a sole trader, you may only require the services of a bookkeeper on a quarterly basis or at year-end to help prepare your tax information for your accountant. Bookkeepers prepare financial reports and statement on a daily, weekly, monthly or periodic basis.
Q. If I hire a bookkeeper or bookkeeping service, will I still need an accountant?
A. Yes. Bookkeepers do not file or prepare tax returns or offer financial advice.
Q. Why is it important that my bookkeeper be certified in accounting software?
A. Making sure that your bookkeeper is certified means that you can be assured in the highest level of technical excellence in using the software. A certified (MYOB or Quickbooks) advisor is kept up-to-date with the latest product features and applications.
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