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Many entrepreneurs who are just starting out make a similar mistake with their business. Their main focus is to try and save money by doing as much work as possible by themselves. While this might seem like a good idea in the short term, doing your own books could actually be detrimental to your growing business. As well, keeping track of your financial transactions takes valuable time and focus away from all the other important tasks on your schedule. If your business’ financial data is not current and accurate, this could lead you to make uninformed financial decisions. There is no question that you will need help with your business’ books. The question is, does your business need a bookkeeper or an accountant?

The answer, most likely, is both.

What role does a bookkeeper have for your business?

A bookkeeper handles the day-to-day task of recording financial transactions, including purchases, receipts, sales and payments for your business. They may also handle administrative tasks like invoicing, payroll, government remittances, accounts payable, and keeping the bank accounts balanced.

When your business first starts out, you may choose to outsource your bookkeeping needs until the company grows enough to require, or afford, a full-time employee to do the job. Many bookkeeping services offer affordable packages for small businesses. If you are using a knowledgeable bookkeeper who keeps all your records current, when it does come time to bring an accountant into the picture it will be a lot less work for them. This will also save you money since accountants generally charge more than bookkeepers.

What role does an accountant have for your business?

Accountants are generally hired for more specialized, higher-level situations like a tax audit, financial forecasting, cash flow management, customized reports and other details related to the financial health of a business. While crucial to your business’ success, these tasks tend to be infrequent so most businesses will hire an accountant on a case-to-case basis.

If your business requires all of the services listed above, then your business should consider hiring a team that offers financial management – including both bookkeeping and accounting in the same service.

You are an expert in your field, we are an expert in ours. Let Keenans Accounting Service support your business with all of your bookkeeping and accounting needs. Give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting. Contactless, secure document dropoff and pickup are available at our offices in Downtown Midland.