So what is the difference between an accountant and a bookkeeper? As a small business, managing your finances is no small task. It is imperative to have management information including good cash flow management. You might carry out some of the tasks yourself, employ someone to do them for you or outsource them.
Here are a couple of definitions –
Bookkeepers keep track of day-to-day transactions, the money going in and out of your business through sales, purchases, payroll, taxes and the other things that add to or take away from the bottom line.
Bookkeepers record data.
Accountants use financial data to help business owners make better decisions, they look at the big picture concepts in order to generate reports, forecast trends and recommend best practises.
Accountants interpret and format the data which bookkeepers record.
Accountants and bookkeepers work closely together to ensure the business runs smoothly and you, the client, have the correct information to help in your decision making. Tax and company secretarial work isn’t normally a part of a bookkeeper’s training; neither is the need to fully understand and apply the various financial reporting standards published by the accounting regulatory bodies. Bookkeepers record and Accountants make sense of it.
The above are the key differences between the two. We are accountants and we also provide a comprehensive bookkeeping service, tailored to fit your needs. Most bookkeepers do not provide a payroll service which is something our own staff are trained in.
We are happy to work with whoever does your bookkeeping, or we can do it for you. Increasingly we find that our clients or their in-house bookkeeper does part of the work and we do the rest. Cloud accounting and bookkeeping software makes this sharing of responsibility relatively easy because everyone involved can see the records as they are created.
What does Cloud Accounting mean?
Cloud Accounting is a more efficient way to keep track of your business- instead of the data being stored on your computer, it is stored in the cloud. Now this may seem confusing to some and maybe a little unsure as to what the ‘cloud ‘is. Don’t be. ‘Cloud accounting files’ are files that would normally be stored on a local computer but are now stored online.
The tops reason why small businesses need cloud accounting
You can get instant updates on what has been paid and what is still to be done. You can access it almost anywhere you have an internet connection.
All relevant information can be accessed by the people who need it 24/7, so there will be no need to copy files. This will save so much time.
Safe and secure
Cloud accounting information is stored on secure servers and delivered over the internet.
We offer several cloud accounting methods including-
· Sage business cloud
· Free Agent
At Central Business Services we have the knowledge and understanding of what a small business will need and are able to give the support and help that will be required. We will make sure that your records are sufficiently organised, so that you have the information you need to effectively manage your business. We offer a no fee consultation where we will find out more about you. Please contact us on (01509) 816150 or by the form below.