If someone didn’t specifically earn a degree in accounting, a finance degree with extra training or certification could easily stand in. Accounting is a bachelor’s degree at many colleges, requiring a four-year education and opening doors to go on to master’s level work. They may even report to an accountant or certified financial planner or tax expert.Īccountants, on the other hand, usually have formal schooling. You could have anyone who seems qualified do your books, as many bookkeepers work part-time for a number of different clients. They don’t have to have any educational credentials or certifications, but many professional bookkeepers will have an associate’s degree. They need to know enough about finance to know what details to record and be accurate in their work. They are responsible for recording income and expenses, balancing the budget, and recording daily transactions. for tax purposes) and upgrade to accounting as their business grows and they want to identify opportunities for growth and improvement.”īookkeepers, as their name implies, handle basic keeping of the books. “Business owners, at a minimum, would want to ensure that they have adequate record keeping (eg. “Bookkeeping is about recording transactions whereas accounting is about analysis and insights,” explains Jo-Ann Yuen, a Chartered Accountant with 20+ years experience with multinational corporations and start-ups and the VP of Finance for Nav. Do you know the real perks to using accounting and bookkeeping pros? Let’s dive into the differences between bookkeepers vs. In practice, however, they have very different skill sets. AccountingĪt first glance, there seems to be very little difference between bookkeeping vs. Here’s what you should know about the various types of financial professionals that work to keep your money records clean and tidy. But are they the same? How does each one fit into your overall financial wellness goals? And what can you do to ensure you’ve made the right choice? In order to stay on top of your money, you may have looked into hiring a bookkeeper or an accountant. Not only is it wise to know how well your company is doing overall, but it’s the only way to stay legally compliant with industry and tax laws. If you’ve owned your own small business for any length of time, you know how important it is to keep accurate financial records.
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