Due to both having to do with finances, most people would be unable to identify the differences between bookkeeping and accounting services. While it’s true that they share many similarities, maintaining your finances as a whole would not be possible without the two working in conjunction with each other.
The main purpose of bookkeeping is the recording and processing of financial data as it pertains to your business. Some of these responsibilities include:
· issuing financial statements
· preform reconciliations of all accounts to ensure accuracy
· maintain the chart of accounts and annual budget within a systematic filing system
· record cash receipts and make bank deposits
The role of the accountant is to take the information processed by the bookkeeper and use this to classify and interpret the data, which can be used to analysis the cost of the business’ operation as a whole, as well as aid in business decisions.
Both of these roles are critical in understanding your company’s profits and cash flow, hence why you should be leaving your finances in the hands of trained, qualified financial experts – By the Book Finances is here to provide you with these full-cycle bookkeeping services to ensure that your business has all of its financial needs met.
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