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BOOKKEEPING VS ACCOUNTING SOFTWARE
BOOKKEEPING VS ACCOUNTING PROFESSIONAL
BOOKKEEPING VS ACCOUNTING FREE

Even if you manage your money using QuickBooks, it’s worth having your tax return checked and approved by an accounting expert. They can check your return and verify you are claiming expenses correctly. If you are a sole trader, you can do your own tax return but it is usually worth consulting an accountant anyway. You can benefit from simply having a regular chat with a bookkeeper or accountant to go over your finances and processes, and to pinpoint any opportunities or risks facing your business. An accountant can also advise on the best business structure, based on their knowledge of tax breaks and more.

BOOKKEEPING VS ACCOUNTING FREE

Most will offer a free initial consultation.

BOOKKEEPING VS ACCOUNTING SOFTWARE

You should talk to an accountant who can help you get off to a good start and advise on issues such as accounting software and GST. Depending on the size and nature of your business, you might use an accountant or bookkeeper on an ongoing basis or just at specific moments.

BOOKKEEPING VS ACCOUNTING PROFESSIONAL

When do I need a bookkeeper or an accountant?Īs a rule, you should ask for professional accounting help as soon as you start to wonder if you need help. Members of this Institute are qualified accountants. IPA or FIPA: members of the Institute of Public Accountants.Only members of this institute can call themselves Chartered. CA: members of the Chartered Accountants ANZ.Only members of this institute can call themselves Certified Practising Accountants. CPA or FCPA: member or fellow of CPA Australia.In Australia, anyone can call themselves an accountant but there are recognised accounting qualifications to look out for: They also advise on tax and GST and should be able to offer more practical business advice as well. Accountants typically take over when the bookkeeper has entered all the transactions, and they prepare monthly management accounts or year-end statutory accounts for businesses of varying structures.

ICB ( Institute of Certified Bookkeepers).Īn accountant might do some bookkeeping, but given their higher rates this isn’t the best use of their time.AAT ( Association of Accounting Technicians).

Certificate IV in Accounting & Bookkeeping (from a Registered Training Organisation).

If your bookkeeper will be handling most aspects of your accounts, including BAS and payroll, you would be advised to use one who holds one of these recognised certifications or memberships: In Australia, bookkeepers can get professional qualifications by passing rigorous exams. So put more simply, a bookkeeper focuses more on the recording and organising of the financial data. Bookkeepers generally touch every transaction a business is involved in, including preparation of payroll and lodgement of BAS returns. They manage the bulk of the day-to-day paperwork, such as creating and sending out client invoices, managing supplier bills and receipts, and getting them into the computer system. A bookkeeper may be employed in the business as an employee or they may be engaged as a contracting BAS Agent. What is a bookkeeper?Īs the name implies, a bookkeeper is someone who maintains the books of the business. While they may carry out some of the same functions, a bookkeeper is not the same as an accountant, so it’s helpful to know which one is right for your business. So, when is it a good time to ask for help and what kind of accounting support should you be looking for? Bookkeeping vs Accounting Running a successful business is about allocating resources efficiently and your time is gold.

To get expert advice on running your business better and to make it more profitable.

To get peace of mind from someone who understands tax and accounting regulations inside-out.

However, expert accounting help is still advisable for most businesses. The great advantage of using accounting software like QuickBooks Payroll Powered by KeyPay is that it makes it easy to stay on top of your business finances. What is the difference, and which is right for your business?