Just as an employee receives an employee’s review, business owners receive financial statements to assess themselves and how their business is doing. Bookkeeping and Accounting Tools to Help Assess Your Business’s Financial Situation No matter what financial concerns or issues arise from your accounting, we do our best with our expert knowledge to work o ut a course correction and try to make the best possible solution for the future of your business. When you start inputting numbers incorrectly, the reality will show, and your business will have to deal with it. We tend to say, “numbers do not lie but we can lie about numbers”. One of the number one issues is sales taxes which are not properly recorded and monitored. There is a long list of problems we encounter from our clients who have done the bookkeeping themselves. Why Business Owners Deal with Problems When Doing Bookkeeping by Themselves If you want your business to grow, become more efficient, or survive, those needs require a consultative accountant. Looking forward to your business by understanding the numbers, is the key difference between a bookkeeper and an accountant. When all books have been filed and processed, our accountants conduct financial analysis from all the data we’ve inputted and provide comprehensive feedback with objective suggestions to help you make smart decisions for your business. When you work with an experienced accounting firm, you are able to maximize your business’s financial potential because expert accountants not only make monthly transactional files to keep accounting records but also analyze your current financial business situation and aid you in making smart future decisions. It requires expert advice from professionals in all fields of business, from management, and human resources to accounting. Knowing the Difference Between Bookkeeping and Accounting for Your Business NeedsĪ business can only grow when you fully invest your time, energy, and knowledge into it. Bookkeeping is like the written theory and financial story of a business, and an accountant’s professional job is to analyze these data as provided for the company’s growth and benefit. Numbers without analysis will not do the important job of directing your decisions in your business, and you will not know which actions to take in your business without it. As stated earlier, accounting deals with a lot of analysis and interpretation. The problem with this is that many businesses think they’re doing well without having to deal with analyzing the numbers which bookkeepers, or anybody who isn’t an accountant, cannot do. In fact, a lot of businesses now use accounting software such as QuickBooks to aid them in bookkeeping. We see a lot of businesses doing accounting and bookkeeping work on their own. The truth is, anybody can do bookkeeping services if they have basic accounting knowledge. In this article, we will provide useful information to help you become more proficient in basic accounting knowledge and understand the importance of working with a skilled accountant instead of just a bookkeeper.ĭo You Need to Be Licensed to Do Bookkeeping for Your Business? ![]() As a result, it cripples their business and hinders their potential for growth in the long run. Many business owners make the mistake of thinking their business is doing well when actually they have a lot of missing information or errors (which are only discovered when our accountants look over their business financials). As well, accounting helps you see an in-depth and logical perspective of how the company is doing as a whole. Good accounting work creates clear paths to move forward in the business. Accounting includes analysis and understanding of what is going on with the numbers while being able to interpret those numbers as solid information. Accounting, on the other hand, goes beyond that. While this is fairly true, bookkeeping is mostly about the transactional side: where you keep records, file accounts payables, and receivables, and make bills to customers. Most people think bookkeeping and accounting are two similar things. What is the Difference Between Bookkeeping and Accounting in Northern Colorado?
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