Introduction

In my humble and completely biased opinion, your business needs a bookkeeper and an accountant. You might be thinking, “But wait, Kayla… don’t they do the same exact thing?” In some situations, accountants provide bookkeeping services for their clients. In my experience, I’ve found this is not common and they charge more than a bookkeeper. If you’re an accountant reading this, can you please let me know what your experience is? Is this true? Or am I way off base? Thank you in advance!

Contrary to popular belief, bookkeepers and accountants have different roles. Bookkeepers do the clerical work of data entry, daily transaction categorization, monitor account activity, generate financial statements, and maintain the ledgers. The role of the accountant is more analytical. They review your financial information, create financial forecasts, and file taxes. Together, a bookkeeper and accountant help you reach your business goals, ensure a stress-free tax season, and educate you along the way. They become your A-Team. 

REACH YOUR BUSINESS GOALS

No matter how big or small, every business owner should have a goal. Maybe your goal is to replace that 30 year-old printer, or hire your first employee. In order to achieve either goal, you’ll need to know your financial health. That’s where your A-Team comes in. Because your bookkeeper is doing the clerical work on your accounts, they can generate your financial statements and send them to your accountant for review. Once reviewed, your accountant can give you advice on areas to work on, or give you the green light to go buy that brand new printer that’s basically a robot. 

STRESS-FREE TAX SEASON

Doesn’t the title of this section sound magical? Well, I’m here to tell you it’s possible with an A-Team. It’s as simple as your bookkeeper supplying the financial statements and information requested by your accountant to file your business taxes. What a breeze! There might be times when your bookkeeper will need to ask you a few questions about a transaction or two, but that might be all you do! Lastly, I would like to show my support in declaring April 14th as National Be Nice to a CPA Day. Agreed? Great! Onto the next section.

BUSINESS KNOWLEDGE

Uncle Ben from Spider-Man said it best, “With great power comes great responsibility.” The A-Team holds a great amount of responsibility when it comes to helping a business owner with their finances because most business owners don’t know how to keep them healthy. It is the A-Team’s superpower to understand the financial health of your business. Therefore, I encourage you to find an A-Team, or utilize their knowledge if you already have one. Schedule appointments, ask questions, and learn from them. Trust me, they want to see you succeed just as much as you want to succeed.

Conclusion

Bookkeepers and accountants are your A-Team. They help you reach your business goals, allow you to have a stress-free tax season, and provide business knowledge. Together, a bookkeeper and an accountant will conquer your finances. That said, go find your A-Team! If you need help, I am happy to assist you.

Be sure to check out next month’s topic: All Things Accounting Software

Sincerely,

 

Kayla Maldonado