If you are in business for yourself, you may find yourself wondering whether to hire a bookkeeper or an accountant. This is a question that comes up with some regularity – particularly if the business if beginning to grow. The hiring of a professional is often recommended as the best way to ensure everything from purchases to sales is recorded properly and taken care of in an orderly fashion. Yet what is required: accounting or bookkeeping services? In Nanaimo, either may be the response.
What Are Bookkeeping Services?
If you are considering bookkeeping services in Nanaimo, you are generally looking for someone who records the following:
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Purchases
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Sales
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Receipts
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Payments
They have to be knowledgeable about such aspects of a business as:
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Debits
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Credits
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The chart of accounts
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accounts payable procedures,
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sales and accounts receivable
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payroll
In recording this information, a bookkeeper – especially an electronic one, has to be accurate. Yet, at its very basic, a bookkeeper will literally and figuratively keep the books (even though they are the electronic version) being certain to retain all necessary financial paperwork and documentation of and for all transactions. A bookkeeper may become, with the proper education, training and certification an accountant taking the concept of bookkeeping services in Nanaimo to another level.
What Are Accounting Services?
An accountant may also perform bookkeeping services. He or she, however, may also perform other tasks such as:
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Reporting
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Business analysis and processes
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Tax advice – perhaps consultant work
What Does Your Business Need?
If you are in need of accounting, auditing and bookkeeping services in Nanaimo, do you need to hire a bookkeeper or an accountant? It will depend upon the specific type of industry. It will also rely on the level of expertise the specific needs of the company require. It will depend upon such factors as:
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The type of industry
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Complexity of structure
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Amount of fixed assets
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Number of employees
While some smaller companies may simply need a bookkeeper or even bookkeeping software, other larger enterprises may need to turn to the more informed knowledge of an accountant.
Choosing Accounting, Auditing and Bookkeeping Services
If you live in British Columbia, you do have a choice. When it comes to deciding whether you need a bookkeeper or accountant or whether you should choose software or hire a person, consider consulting professionals such as Business Name. They can provide you with the right combination of services to make this end of the business flow smoothly.
