Most business owners are not aware of the difference between a bookkeeper and an accountant and why they may need both.
A bookkeeper’s role is to capture and report source information regarding the financial activities of a business. This includes transactions like payroll, accounts payable, accounts receivable, banking, cashflow and preparation of regular management reports.
An accountant’s role is to analyse and verify the recorded information of the bookkeeper and, depending on the services of your account, prepare annual financial reports and taxation returns.
An accountant therefore depends on the accuracy and completeness of the source information that is recorded by the bookkeeper. A successful marriage between Bookkeeping and Accounting will contribute to the long-term financial success of the business. That’s what we do at Navwealth Bookkeeping Resources.