Bookkeeper or accountant? As a small business owner, you may be confused over what services an accountant and outsourced bookkeeping services offer for your business financial security.
In truth, some services crossover between the two roles, but many aspects of their jobs play together for a better financial forecast for your business. Having both professional bodies helping to take responsibilities from you and provide the best possible support for your business is not uncommon for most small businesses today.
Whilst a lot of accountants offer bookkeeping as a part of their business, they also like to explore relationships with external bookkeeping services in Manchester. The best possible situation is having two dedicated professionals working on their specialist areas.
If you only use one professional to handle your accounts you will need a good understanding of your figures in your tax return and statutory accounts – because once you sign them over you are confirming them as being accurate.
This will require a lot of self-assurance that all expenses have been included and whether the VAT has been claimed correctly and in full. An accountancy firm can do bookkeeping but it is not necessarily their forte, meaning that any error that could be made may cost you. Having a dedicated bookkeeper upfront means that you have a professional who can spot any problems, as can an accountant – before submission and saving your potential problems.
Use for Both
Bookkeeper or accountant? This is why many small businesses choose to utilise both for their business so that they can work together and identify anything that can raise a problem throughout the year.
Bookkeepers are not just about the numbers either. Bookkeepers record income and expenses and ensure VAT deadlines are met, but on top of all of that they have a more personal interest in your business – and are approachable when you want to discuss ideas for growth and redirection for your company.
New business owners typically never have an accountant advise them on areas of improvement for their business, as it is typically all about the end of year figures in that relationship. With a bookkeeper, your records and financial matters in the business can be structured to provide accurate records for the accountant to submit easily.
A bookkeeper relationship is also not something that is needed daily – it can be monthly or even every season just to catch up and get your books in order. It is also very handy for talks about what you want to map out for your company’s future. Having expert advice from a bookkeeper about what areas of your business can ease up on expenditure and putting an effective plan in place is paramount for small businesses.
Contact the team at Pebbles Bookkeeping today to build a perfect bond for your business financials.