Accountants and bookkeepers are very different from each other with different focuses. The best way to think about it is an accountant focuses on taxes while a bookkeeper focuses on expenses.
Accountants deal with your taxes. They’re the ones that deal with the IRS, end of year stuff, and Uncle Sam. Accountants will help you organize your finances, so your taxes are as light as possible. They also are the ones that help you with deductions.
Bookkeepers focus on expenses and the daily operations of your business. A bookkeeper will help you understand where your money is, where it’s going, and how much you have left over, all in real time. It doesn’t matter if you bought a laser or a stapler, the bookkeeper knows about it. A bookkeeper is the one that helps you process payroll, and helps you evaluate what expenses are necessary and affordable and which aren’t. They will also help you understand your financial statements and what they mean to your business.
An accountant can legally do what a bookkeeper does, but a bookkeeper can’t legally do what an accountant does. Accountants need special education and licenses to do what they do. However, an accountant will always view things with taxes in mind. Having both a bookkeeper and an accountant gives you a professional team that helps you focus on your day to day profitability and reduce your tax burden. Having only one means sacrificing focus in one of these areas.
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