Prospective candidates may wonder what accounting is and what an accountant’s responsibilities are. Students interested in an accounting career can gain the necessary skills and knowledge to conduct financial analysis and comprehend large datasets through an online Master of Accountancy (MACC) program. accounting comparison, one must learn what it means to be a bookkeeper and how that work compares with a career as an accountant. However, to know the primary differences in the bookkeeping vs. Several professional occupations revolve around recording, reporting, organizing, and analyzing this financial information, namely bookkeepers and accountants. businesses of every size have some volume of financial information that must be organized and reported to fulfill legal obligations, such as tax requirements. Executive Master of Public Administration.Master of Science in Nursing (blend of online & in person).Russ College of Engineering and Technology.Principal Preparation Program (blend of online & in person).Online Master’s in Early Childhood and Early Childhood Special Education.Online Master of Curriculum and Instruction.Online Master of Arts in Organizational Communication.Professional Master of Sports Administration.Online Master of Recreation and Sport Sciences – Soccer Track.Online Master of Athletic Administration.Ultimately, filling both these roles in your business will keep your company running smoothly with the two levels of finances handled correctly. You might want to consider hiring a virtual bookkeeping firm to handle these day-to-day tasks, and keep your Accounting in-house. While it is possible to use an Accountant for bookkeeping tasks, you will typically pay a higher rate for jobs that a Bookkeeper could perform at a lower rate. It is crucial to hire a Bookkeeper because, without the help of one, an Accountant will not have the accurate records necessary to complete some of their own tasks, such as financial forecasting. The tasks of an Accountant, such as managing tax documents, for instance, can be more specialized and will occur at the end of a fiscal year. While Bookkeepers are typically completing tasks that are essential for the business on a daily basis, accounting tasks are not day-to-day activities. Preparing tax documents for your Tax Accountant or CPA. Forming a budget and analyzing expenses.Structuring and forming financial statements.In contrast, the responsibilities of an Accountant can be more involved and may include: Reconciling bank and credit card statements.The best way to understand the difference between the two is to be aware of the tasks they fulfill.īookkeeping tasks are less involved and can be repetitive. It is for this reason that Accountants are required to have a degree. They turn the data the Bookkeeper records into usable information for business planning. They explore your business finances, make projections and provide advice that can benefit you. In contrast, an Accountant’s role is to handle the finances at a higher level. Ultimately, a Bookkeeper’s role will be to maintain the financial records of the company by tracking money moving in and out of the business. Thus, a Bookkeeper has a specific set of tasks and day-to-day activities. Instead, you may require training, certain knowledge, and an understanding of the systems used by the company. Understanding the Differences Between Bookkeeper and AccountantĪs already mentioned, to be a Bookkeeper you don’t need a degree or certificate, though this may help. Let’s look at some of the other differences. Thus, Accountants can charge higher hourly rates. Bookkeepers may have a high school diploma, certificate, or even some college, but no degree is required. Why is this? To be an Accountant you need to at least have a Bachelors in Accounting. Hiring an Accountant will likely be more expensive compared to the cost of a Bookkeeper. It’s worth pointing out that the first difference a business owner should take note of is the contrast in cost. However, you’re about to discover that despite the similarities, there are clear and important distinctions between the two. Indeed, it’s common for people to assume the two are the same or that one is not necessary if you have already hired the other.
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