In this blog post, I share the vital differences between Bookkeepers and Accountants for continued growth.

As a business owner or entrepreneur, you definitely benefit from understanding these vital differences between Bookkeepers and Accountants.

We all need help to grow our businesses into successful, profitable giants. But if we don’t understand the type of support we need, how are we able to choose the right support?

Professional Support Your Business Needs

The title of your support team member should align with the actual requirements, roll and purpose they have in your business.

Different TITLES and how they contribute to your business success:

• Bookkeeper,
• Accountant,
• Tax Consultant{Practitioner},
• Business Coach/Advisor

Do you know and understand the real difference between these four titles and how each Professional can contribute to your business’ growth?

If you’re like many Business owners, you might never think of why you need to understand the difference between these Professionals.

This lead to hiring mistakes and people investing money in Professional help they don’t actually need or help they are not ready for within their Business. Both of which lead to money wasted and often a resistance to hiring ever again.

Vital differences between Bookkeepers and Accountants starts by identifying two types of support you can outsource or hire in your Business. How each one provides value when utilized at the right time and help you make informative decisions.

You can also read these articles about the key principles of a Tax Consultant{Practitioner} and Business Advisor/Coach for further help in deciding what type of professional support your Business requires.

Vital Differences between Bookkeepers & Accountants

It is important to understand when you should hire or outsource each type of support in your business, and when it’s okay to combine these professional roles.

Outsourcing each professional in the wrong order is like putting the cart before the horse

Bookkeepers are needed when:

You could use help keeping your books processed and balanced.

For example, your business may be growing too fast for you to do your own bookkeeping.

If you have room in your budget, you might consider hiring a bookkeeper so you can focus on profit-making responsibilities.

Choosing to hire a Bookkeeper as an employee or as an Independent Contractor is determined by:

• the type of Business you have,

• your day-to-day requirements, and

• how you would like to invest in resources

Accountants are needed when:

• You must make sense of your financial information
• Someone who understands profitability, cash flow, and financial planning are needed
• An accountant can advise you on the most financially savvy moves you can make based on your history
• Your year-end business tax planning and filing need the eyes of an expert
• An Accountant is needed periodically, it makes better sense to outsource this expert service to an Independent Consultant on terms that will assist your Business to benefit from it

While bookkeeping and accounting differ, they have overlapping functions. Both play an important role in informing you about your business’s health and projecting future outcomes.

• Bookkeeping is the foundation of your finances
• Accounting takes care of higher-level processing
  • For example, let’s say you offer a coupon to your customers:
    • You use bookkeeping to record how many coupons are used
    • You use accounting to look at how the coupons affect your finances and the health of your business

As a business owner and entrepreneur, you can record your books with a do-it-yourself approach. If you decide to use a financial professional, make sure you hire someone with credentials that match your needs.

The more complex your financial situation is, the more likely you will need an Accountant.

Need a Bookkeeper or Accountant to assist your business with continued growth?

Take the Next Steps if you are:

• overwhelmed by your processing and work and ready to hire or outsource help

• stuck in the cycle of having enough work to be successful but not enough time to serve all your clients AND grow your business

• Ready for help, but you’re not sure what help is worth your investment

• in need of the three-part method for finding the right team member who will save you time and earn you more by getting the right work off your plate

Then it is time for a FREE Discovery session with me!

Reach out to me for a FREE discovery session so we can find you the best solution within your budget.

You are invited to join my FREE Facebook Group, PROFITABLE ONLINE CREATIVES, for a community of creatives, entrepreneurs, and business owners to help, support, and empower each other!

See you online!