You’re a business owner with a growing organisation. Your product or service is selling well, your team is expanding, but you’re finding the administrative needs of your company are growing even faster. What do you do?
As you reach this exciting point in your business’ development, it’s vital that you ensure you have the right support. Poor planning at this junction can lead to the administrative tasks overtaking your other duties, leaving you with little time to develop new products and services and do what originally drove you to found the company. Choosing to outsource some of your financial administrative tasks to an accountant or a bookkeeper can give you back that time, allowing you to give your growing company the attention it deserves.
But which to choose? While it may be clear that you need an accountant or a bookkeeper, how do you know which one is right for you? In this blog, MP Bookkeeping drills down into what separates the two, helping you make an informed choice about your business’ future.
What’s the difference?
While many people use ‘bookkeeper’ and ‘accountant’ interchangeably, they are actually separate roles each with their own utility. Both assist in the preparation of tax returns, the recording of transactions and the creation of documents, but beyond this they differ in some fairly significant ways.
A bookkeeper’s job revolves around the maintenance of the general ledger. This is the master document that records all financial transactions the business participates in – both sales and expenses. Their role also involves the creation of invoices and the completion of payroll – all the minutia that keeps a business running.
On the other hand, an accountant takes a broader view that encompasses the entire business and its future goals. Their role is more analytical, often involving scrutiny of the operational costs of the business to ensure optimum performance at minimal cost. They will also frequently act as an advisor, helping business-owners understand the financial costs and potential repercussions of pursuing certain courses of action.
What’s right for my business?
It’s difficult to conclusively recommend one over the other. While many business-owners appreciate the comprehensive support and advice of a certified practising accountant, others may simply be looking for someone to manage time-consuming but necessary payroll and compliance functions. The decision will largely come down to your own managerial style and preferences.
Regardless of your specific needs, MP Bookkeeping can help. For more than 30 years, we’ve been helping Australian business-owners make the most of their time, giving them more hours in the day to pursue exciting initiatives that could help them grow their business. Whether you’re looking for a comprehensive accountancy service or are simply looking for a reliable and accurate payroll service, we can assist you.
Start a conversation with us today by calling 03 9523 2277 or sending us an email at vicken@mpbookkeepers.com.au.