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Why do you need an Accountant and not just a Bookkeeper?

strategic thinking of accountant

Many small businesses get to a stage where they hire a bookkeeper to manage their day to day finances. The main role of a bookkeeper is to ensure that every financial transaction is accurately recorded. They may also send out invoices, pay suppliers and process payroll. Difference between bookkeeping and accounting

An accountant should be a key player on your team

An accountant should be a key player on your team from day one because the essential role of an accountant is to make sense of the numbers and help you strategically plan in your business. An accountant is trained to help you take those numbers and turn them into something far more meaningful. They will help you to identify how ‘healthy’ your business and cashflow is and help with budgeting, forecasting and decision making.

Strengthening and developing your relationship with your accountant is really an investment in your long term business success.

Many business owners only talk to their accountant once a year – at tax time. However, often for that previous tax year it is a conversation too late. Once the financial year is over there may have been missed opportunities to increase profit or reduce tax.

Great accountants don't just take care of tax-prep and compliance issues. Numbers really do tell a story and today's entrepreneurs are turning to qualified business accountants to help drive success and business profits.

Related: Getting the most from your Accountant means more that doing your Taxes

We recommend to gain the full opportunities and to make the most of your accountants expertise you should be having a monthly meeting. This is your chance to review reports such as profit and loss, and get timely advice to help you meet your goals.

If your business is new and finances are tight then we recommend you do your own bookkeeping but meet with your accountant regularly to help your business prosper. Once you have your cashflow in order and the business is starting to turn a profit then you may decide to hire a bookkeeper.

While you may decide to have both a bookkeeper and an accountant, you need to be clear on the different roles that they can play in your business and that one isn’t a substitute for the other.

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About Author

Kelly Morgan
Kelly Morgan

Kelly Morgan has over 25 years experience as a Chartered Accountant and is a Senior Client Partner at Azure Group heading up our Business Accounting and Accounting & Assurance divisions. Kelly is passionate about working with business owners. By working closely with her clients, Kelly helps them to maximise the opportunities in their business and assist them to achieve their goals.

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