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Does Your Business Need An Accountant Or Bookkeeper?
Does Your Business Need An Accountant Or Bookkeeper?
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Home Page > Business > Small Business > Does Your Business Need An Accountant Or Bookkeeper?
Does Your Business Need An Accountant Or Bookkeeper?
Posted: Mar 17, 2010 |Comments: 0
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Does Your Business Need An Accountant Or Bookkeeper?
By: Steven Hastert
About the Author
Whether you need an accountant or a bookkeeper the Accounting Aisle can help. Just call 866-906-5918 to be connected to local accountants.
(ArticlesBase SC #2003580)
Article Source: http://www.articlesbase.com/ – Does Your Business Need An Accountant Or Bookkeeper?
As a startup business grows into a small business, it is common for the accounting duties to overwhelm the business owner. This is generally the time that a search begins for some help. But does your business need a bookkeeper or an accountant? While some job tasks may overlap the two jobs are defined differently.
What is a Bookkeeper?
A bookkeeper handles the mechanical functions of maintaining accounting records. They follow a regimented monthly schedule and enter all transactions into subsidiary ledgers. These functions are broken down into accounts receivable, accounts payable and payroll in larger companies. It would be ideal to have each function separated between employees for security reasons. However, for smaller companies one bookkeeper might perform all of these functions. A person who does all of the bookkeeping as well as preparing the monthly financial statements is called a full charge bookkeeper.
What is an Accountant?
Accountants are less involved in the day to day tasks of entering transactions but take a higher level look at the business. They compile the subsidiary ledgers into the general ledgers. They design and prepare reports that are useful in helping managers make informed decisions about the business. An accountant can do all the work of the bookkeeper but they normally delegate these tasks off to lower paid employees.
Who does the Tax Preparation?
While many accountants offer tax preparation services, it has developed into its own specialty. There are people that do tax preparation but are neither bookkeepers nor accountants. The person that does the tax work for your business should be left to someone who specializes in this work because there are so many new laws that go into effect each year.
A Hybrid Approach
Most small businesses can’t afford to add on an accountant to do the work of a bookkeeper. But unless the owner is familiar with accounting they are not able to perform the tasks of an accountant themselves. A good approach is the hybrid of both. The company will hire a bookkeeper for day to day tasks and then outsource the accounting work to an accounting firm. They may be CPAs or just experienced in small businesses. The accounting firm performs the monthly reconciliations and audits the books for errors or fraud.
The most important thing for any business is to make sure the work is done. A business that does not maintain good accounting records is doomed to make uniformed decisions or miss opportunity to improve their bottom line. They can also prevent unwelcome trouble from state and federal tax authorities.
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(ArticlesBase SC #2003580)
Steven Hastert -
About the Author:
Whether you need an accountant or a bookkeeper the Accounting Aisle can help. Just call 866-906-5918 to be connected to local accountants.
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Whether you need an accountant or a bookkeeper the Accounting Aisle can help. Just call 866-906-5918 to be connected to local accountants.
general ledger reconciliation??
Here’s a copy and paste of part of my job description:
bank and general ledger reconciliations
I will be working for a bank – I have never heard of an general ledger reconciliation. Please Help!!
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Improper Accounting
Improper Accounting
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Home Page > Business > Management > Improper Accounting
Improper Accounting
Posted: Mar 10, 2009 |Comments: 0
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Improper Accounting
By: Garrett Sutton
About the Author
Garrett Sutton, Esq. is a corporate attorney and is the author of “Own Your Own Corporation” and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com.
To get a FREE copy of Garrett Sutton’s book, “What to Know Before you Incorporate” please visit http://www.corporatedirect.com.
(ArticlesBase SC #810831)
Article Source: http://www.articlesbase.com/ – Improper Accounting
Many new business owners make the mistake of not properly accounting for it all. Please know that companies live and die by numbers. They are defined by numbers. They grow with numbers. They bleed with numbers. Numbers define the health of your business at any given time and over time.
To be successful you must have a system to record, classify, report, and analyze your company’s numbers. And you must use this system every day (or pay someone who will). Too many new businesses let the numbers slide. They never establish a system for their accounting, they don’t write down all the incoming and outgoing money, they forget and/or guess at some transactions, they forget to file necessary paperwork. The main reasons for this are: 1) most of us hate dealing with numbers and 2) time taken on accounting is time taken away from business.
The first reason for avoiding accounting (your dislike of numbers) comes under the heading of “too bad.” Numbers are a fact of business life. If you don’t want to keep track of your accounts, that’s fine, but find someone who will. Don’t let your aversion suck the lifeblood out of your company.
The second reason for avoiding accounting (time taken away from your business) is just, to be blunt, ignorant. Whether you sell a product or a service, sales are what makes the time you spend a business rather than a hobby. And sales are defined by numbers. You need to know what you are bringing in and what you are sending out so that you can set appropriate prices, manage your overhead, market, and make a profit. Without a knowledge of income and expenses, you are leaving profit up to chance.
The best way to keep up on your accounting is to have a system – a method or plan – that becomes second-nature with repetition. This won’t happen overnight. After all, it takes 90 days to form a habit. And it may take a while for you to find a system, that suits your temperament and your business needs. But once the habit is in place, you no longer have to think about it every day.
Regardless of the system you use – computer program, ledger, accountant, book keeper – your system will fall into one of two categories: cash-based method (you count income when it comes in and expenses when they go out) or accrual-based method (you count income when you invoice and expenses when you commit to pay). The difference is timing and can be important if you regularly have inventory or if credit is a part of your business. The accrual method is better under some circumstances, but the cash method is simpler. However, if you make more than $5 million you may have no choice but to use the accrual system, since the IRS may require it.
Accounting can be complicated, but it is also predictable. Here is a very basic outline of what you can expect:
Every day you need to record the day’s transactions.
On a regular basis (dependent upon your personality, your business, and your revenue and expense levels), you will want to post all your sales and expenses to a general ledger.
Just as regularly, it’s a good idea to adjust the ledger so that you don’t lose sight of anything that doesn’t get recorded on the day of the transaction.
At the end of your accounting cycle (usually monthly), when the ledger is complete, balanced, and up to date, post the profits to the owner’s equity account. This balances revenue and expense accounts back to zero, preparing you for the next cycle.
The cycles add up to an accounting period. At the end of that period, you will compile your financial reports to give a picture of all financial activity during that period.
While there is much financial data you will want to keep in-house (and there are regulations stating how long you need to keep different records), much of it is also dependent on filing. If it isn’t filed, it doesn’t exist. Keep on top of those numbers.
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(ArticlesBase SC #810831)
Garrett Sutton -
About the Author:
Garrett Sutton, Esq. is a corporate attorney and is the author of “Own Your Own Corporation” and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com.
To get a FREE copy of Garrett Sutton’s book, “What to Know Before you Incorporate” please visit http://www.corporatedirect.com.
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Garrett Sutton has 26 articles online
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Garrett Sutton, Esq. is a corporate attorney and is the author of “Own Your Own Corporation” and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com.