21/05/2024

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Bookkeeping vs Accounting: What’s the Difference?

5 min read

For small business I can provide bookkeeping services to help you better manage your business’ financial information. I can help you prepare financial statements for whatever your needs are – be it loan application, tax preparation, or government contracting purposes. As an IRS Enrolled Agent, I can advise on tax issues, prepare tax returns for individuals and business, and can respond to letters from the IRS, state or local entities. At 3-iT Accounting & Financial Services Corporation, we know that every small business is different so we don’t try to fit yours into a box.

  • QuickBooks and other bookkeeping software give you a tool to do your own bookkeeping.
  • Our platform allows you to automate data inputs from most major providers to avoid common mistakes.
  • The BLS notes that job growth for accountants should track fairly closely with the broader economy.
  • You need a trained professional to help walk you through the process of fixing any issues and getting back on the right track.
  • Our bookkeepers reconcile your accounts, categorize your transactions, and make necessary adjustments to your books.
  • Generally, a bookkeeper’s formal education will be less than a four-year college degree.

Department of Labor’s Occupational Handbook, some of the most in-demand accounting jobs include comptroller, accounting manager, senior tax accountant, and internal auditors. It is not an unusual career move for a bookkeeper to gain experience at a job, study, get certified, and work as an accountant. As an accountant, you may have to crunch numbers, but those are not the only skills needed. It is important to possess sharp logic skills and big-picture problem-solving abilities, as well. While bookkeepers make sure the small pieces fit properly into place, accountants use those small pieces to draw much more significant and broader conclusions. Bookkeepers are commonly responsible for recording journal entries and conducting bank reconciliations.

You need a trained professional to help walk you through the process of fixing any issues and getting back on the right track. We can provide necessary suggestions and https://accounting-services.net/bookkeeping-alexandria/ our CPA can represent our clients in front of IRS officer/agent. The overall best bookkeeping software includes Zoho Books, FreshBooks, Xero, and Intuit QuickBooks.

Mid-size and small public accounting firms pay, on average, about 10% less than these firms. If you choose to work for a company internally instead of in public accounting, the starting salary range is very broad. In most cases, private companies do not pay more than the Big Four for young accountants with little experience.

Key Differences

Nearly all bookkeeping is done using computerized accounting software and programs, so bookkeepers should be comfortable learning new technology if not proficient in it. As an accountant, you may work for a company or yourself, and there are opportunities for accountants in many industries like law, insurance and health, small business, and, of course, tax accounting firms. Accountants work with numbers and financial details all day long. Therefore, those who do not like math, get confused easily when making simple calculations, or are generally opposed to number crunching should not apply.

For a long-term career, accounting offers much more upward mobility and income potential. The education required to be competitive in the field is greater, but the payoff down the road can be considerably higher. As a business leader, you should have a good idea of which professionals best suit the needs of your company. As such, it’s important to know whether you need a bookkeeper or an accountant to keep track of your affairs. That may be tough since the roles and responsibilities may intertwine.

What Is Bookkeeping?

Accountants rely on financial statements from bookkeepers to do their work, but they also look for larger trends and the way money works across the business. Bookkeepers are usually responsible for documenting or checking financial data for a company or client, including checks received or written, invoices, cost spreadsheets, and monthly or quarterly revenue. A bookkeeper is skilled at keeping documents and tracks a wide net of financial information.

Mann & Associates, Certified Public Accountants

Both bookkeepers and accountants need to be comfortable working with numbers all day. Bookkeepers especially should be able to spot issues with daily expenses and make sure all the data points are tracked correctly. Accounting is for trained professionals who can give a fuller summary of your company’s financial realities.

In most cases, employers want to hire someone with a bachelor’s degree, and a master’s degree may help boost your earnings. Our platform allows you to automate data inputs from most major providers to avoid common mistakes. We partner with merchants like Gusto, Stripe, Shopify, and Square—so your finances are always accurate.

Of course, a background in accounting practices will help you ride out a learning curve as a new bookkeeper. If you decide to go with us, we’ll take bookkeeping off your plate—for good. QuickBooks and other bookkeeping software give you a tool to do your own bookkeeping. We use Plaid, which lets you securely connect your financial accounts to Bench in seconds. This feature saves you the time and effort of manually uploading documents. Our team of pros is familiar with Virginia tax rules and will customize their approach to your business’ unique needs.

Bookkeeping vs. Accounting: What’s the Difference?

Our accounting services for small businesses in the Alexandria area are based on years of experience with accounting and bookkeeping. Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions. Accounting is the interpretation and presentation of that financial data, including aspects such as tax returns, auditing and analyzing performance. As a financial auditor, you may work as an external or internal auditor. If you are an external auditor, you will most likely have a job at a public accounting firm, and you will need to have a CPA license, plus a college degree, and often a master’s degree.

Say goodbye to bookkeeping stress, Alexandria

Every plan comes with a dedicated bookkeeping team to handle your monthly books, and intuitive software to track your financials. The goal of my tax and bookkeeping service is to allow you the opportunitey to concentrate on your business, while I take care of your bookkeeping and tax preparation services. I  estimate that a bookkeeper’s salary will be less than half of an accountant’s salary. For example, an accountant with a year or two of experience might earn $60,000 per year while a bookkeeper will earn less than $30,000 per year. More experienced accountants will be able to earn higher salaries but bookkeepers will not see significant salary increases.

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Shortly after you sign up, we’ll give you a call to learn more about your business and bookkeeping needs. On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books. Say goodbye to piles of paperwork and time-consuming manual tracking—we automate inputs directly from linked accounts.

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