In the complex world of owning and running a small business, it is critical to grasp the importance of good financial management for your organization. One of the first steps is understanding the roles and value of bookkeepers and accountants, their differences and how they can depend upon one another.
Bookkeepers are mainly responsible for the categorization and recording of financial transactions. This can involve such tasks as posting sales and expenses to the general ledger, preparing customer invoices, payment of trade payables, compiling payroll, and completing sales tax returns. They can also reconcile bank accounts and credit card statements and produce monthly trial balances of all financial records.
On the other hand, accountants use the transactions that are recorded by bookkeepers to prepare statements of income and expense, balance sheets, changes in financial position and income tax returns. They use their knowledge and skills to assess, analyze and interpret results, and work with management and ownership to create plans that can deal with growth, expense reduction and control, human resource strategies, fix asset depreciation and return on investment calculations.
Accountants rely on the accurate records created by bookkeepers to make sound decisions and advice that are table stakes for a successful business. Without good bookkeepers, this would not be possible.
At Summa Financial, we have skilled bookkeepers and qualified accountants that you can rely on for sound financial management of your business. We can offer the convenience of our leading-edge cloud accounting or the comfort of our traditional service. If you’d like to learn more, drop us a line at https://www.summafinancial.ca/contact-summa/, call us at 1-902-453-4677, or better still, visit us in our new offices located at 63 Tacoma Drive, Dartmouth. We’d love to talk to you.