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As a small business owner, do you need both? And what’s the difference between the two of them?



Many people use the terms bookkeeper and accountant interchangeably, but there are significant differences.


Accountants typically have a university degree and have majored in accounting. Although a bookkeeper may have a college or university degree, he or she doesn’t have the same level of education in accounting.


A bookkeeper records the day-to-day transactions of your business—purchases, sales, receipts and payments. He is responsible for preparing invoices, paying bills and sending out customer statements. All of these needs to be recorded in the appropriate place—the supplier ledger, customer ledger and general ledger.


Related Search: What makes a Good Bookkeeper….Good?


An accountant takes it to the next step, turning this data into financial reports for your business, including income statements, balance sheets and statements of cash flow.


An accountant can also act as an advisor, helping you to understand the financial impact on your business of financial decisions you’ve made in the past and plan to make in the future.


Save time by hiring a bookkeeper


Running a small business means you’re wearing many different hats, but it’s difficult to manage all of it on your own. Hiring a bookkeeper to manage your daily transactions can mean you can focus on more important, revenue-earning tasks.


Related Search: Remove Stress by Hiring a Bookkeeper


Reduce your taxes


Hiring an accountant, especially at tax time, can save you money over the long-term. He will have the knowledge and experience to understand how to reduce your taxes and provides more specialized advice than a bookkeeper.


Related Search: Tax Issues


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