How is your business doing? Does your bookkeeping look like a foreign language? Can a small business save money by doing their accounting themselves? Or would a bookkeeper, bookkeeping software, or an accounting firm be the best fit for you? What are the differences with using a professional? Because you care about your business’ financial needs, this article can help you distinguish the difference between a bookkeeper and an accountant. This can help you determine if professional accounting help is the right decision for your business. A small start-up today could be a huge business tomorrow.
Every business needs a reliable bookkeeping system based on established accounting principles. However, the most important thing for small business owners to focus on is revenue coming in the door. With tax and accounting professionals at their service, business owners can focus on what they do best and leave the accounting worries to a professional, timely, and trustworthy accounting firm.
Having a trusted firm handle your accounting can make a business audit proof, and ready in case they have to go through an audit. With reports filed on time, a professional firm can help small businesses avoid penalties.
It is hard for small business owners to keep track of bookkeeping on top of all their other responsibilities. Professional bookkeeping services record, store, and organize daily financial data-entry tasks such as: paying bills, posting debits and credits, mailing statements, processing payroll data, preparing sales invoices, and retaining documents for transactions. A professional bookkeeper will teach a small business to help itself all while preparing information for financial statements, internal reports, and quarterly tax returns. Having a bookkeeper from a professional firm helps avoid mistakes and deters theft and fraud.
Software such as Quick Books or Peach Tree are online tools that record data and make reports. However, they do not replace a bookkeeper or an accountant. They are best used in conjunction with an accountant who speaks the accounting language and can interpret financial statements.
Accountants interpret financial data and business owners on making the right business decisions. They measure sales and expenses to determine profit and loss. They can adjust expense entries not entered by the bookkeeper (ie: depreciation, uncollectible accounts, interest on loans, etc.).
Schedule an appointment with the accountants at Gebhard and Giguere, Ltd located in Lake Elmo, MN. They walk owners through every option to find the one that works best for each individual business.
Call and make an appointment today: (651) 328-6080