Let’s face it, spending hours managing your business’ accounts is not the reason you went into business in the first place. But when it comes to outsourcing your business finances, should you hire a bookkeeper or an accountant? Maybe you need both. Here’s how each can help you save time and money managing your business finances.
Bookkeepers can process receipts and bills, prepare invoices, manage payroll and chase outstanding debtors. They handle the day-to-day stuff that’s necessary to keep your business running and compliant with various laws. You might decide that you can handle this yourself in the initial stages but, eventually, you will need to get an expert in to help. This can involve hiring a new staff member or can be outsourced.
Accountants, on the other hand, provide a strategic overview of the business and can advise on anything from setting up your business structure, to meeting compliance obligations, tax planning and strategic advice. Accountants can come in handy at various times throughout the lifecycle of your business so it’s important you find someone who understands your organisation and you find easy to work with.
At the end of the day, you will probably find yourself dealing with both bookkeepers and accountants at some stage. To help you understand who takes care of what, we’ve put together this handy infographic. To find out more about the finance and business services MSI Taylor can offer, feel free to contact us.