Looking On The Bright Side of Options

Selecting Among Accounting and Bookkeeping Services Accounting and bookkeeping services is believed to be the same. In business terms, bookkeeping is considered as a subset of accounting services. An accountant should know all the information about bookkeeping services. But, for the bookkeeper, he or she does not need to know all of the duties and responsibilities of an accountant. A business based on its size should choose between accounting services and bookkeeping services. You could choose between the two kinds of services, but they should efficiently address any finance related issues of your business. Below are the definitions of bookkeeping services and accounting services: Bookkeeping is defined as a type of services that maintains the records of business transactions so that the upper level management will be able to keep an eye on the profit and expenses of the company. Below are a bookkeeper’s day to day financial duties:
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A.) The bookkeeper will check bank transactions of the company to recognize any type of fraud occurring in the company’s bank account.
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B.) Bookkeeper’s is in charge in managing employee payroll. C.) Bookkeeper will Keep records of accounts payable, as well as accounts receivable. D.) In charge in tracking the inventory of the company, they should know the income and expenses of the company. Accounting is the set of services that is in charge in the analysis of the overall financial situation of a company. The accountant is not obligated to do their task in a day to day basis. The accountant will check the financial statements and ledger of a bookkeeper at the end of every month, there are even some that would only check at the end of the fiscal year or in every quarter of the year. Below are examples of the task of an accountant: A.) He or she is charge in helping the management decide on what are the things that they could do in order for the business to grow since they have the financial records that is given by the bookkeeper. B.)Tax preparation is another important function of an accountant. Calculation of taxable income and deductions are on of the important tasks of an accountant. C.) Budgeting is another important task of an accountant. D.) When the business has events like acquisitions and merges the accountant will also be the business adviser. The accountant is considered as a supervisor to a bookkeeper. As one can see, the duties performed by a bookkeeper are more tedious than an accountant. On the other hand, an accountant has a sophisticated service since he or she will need to perform in helping the business in order for them to have a control on its profits and overall financial stability.