Source: businessnewsdaily.com | Repost QBScott 1/16/2020 –
Staying on top of your finances is a key part of being a successful small business owner. As such, it’s important that your financial data is current and accurate so that you have the tools you need to make sound business decisions and ensure healthy cash flow.
As your business grows to include more customers, vendors and employees, it can get more difficult to keep track of your finances on your own.
When the bookkeeping and accounting tasks for your small business are too much to handle by yourself, it’s time to hire help. But do you need a bookkeeper or accountant? The terms are sometimes used interchangeably, and there can be some overlap in what they do, but there are distinct differences.
Here’s what you need to know to decide which is best for you.
Bookkeeping vs. accounting
Bookkeeping is a transactional and administrative role that handles the day-to-day task of recording financial transactions, including purchases, receipts, sales, and payments. Accounting is more subjective, providing business owners with financial insights based on information taken from their bookkeeping data.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com
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