Tax season has begun, there are papers and files everywhere and the stress begins to build. That feeling is known all too well. What file goes where? Do we really need to keep these receipts? When you start asking yourself these questions within your business maybe it is time to start looking for outside help. There are services that are there to aid so you are able to keep your focus on your business and not on the stressful paperwork and numbers. But do you know exactly what will be in the best interest of your business such as a bookkeeper or an accountant or do you need both?
A bookkeeper has a very specific role they play when working within a business. They handle the day to day transactions seen within a business. Any monies that are moving in and out of the company whether it is cash or credit is kept documented in a ledger. Depending on your small business and how often you have transactions would depict how often you are using a bookkeeper. If your transactions are few then talking to a bookkeeper about using their services monthly or even quarterly might be in your financial best interest.
An accountant is going to take the information provided by a bookkeeper and create reports. They look over all of the numbers and with that they are able to prepare financial reports such as your taxes, and they are also able to give guidance on your spending. What you will notice is that your bookkeeper and accountant are really working towards the same goal just working on different pieces.
Both of these services can be very beneficial to a business. Not only does it reduce the amount of stress on running your business, they allow you to put your focus elsewhere. Choosing to hire an accountant and/or bookkeeper will also help ensure that your numbers are where they should be. Do you know what you need?
Join us next week when we take a look into what to look for in a bookkeeper and accountant.
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