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Often, accounting and bookkeeping are considered the same. However, this is not the actual case. Accounting involves recording, summarizing, consulting, analyzing, and reporting the company financials. On the other hand, bookkeeping is mainly about the recording part of the entire accounting process. Bookkeeping Services Austin includes a recording of all the financial transactions of the company and tracks the information on its book so that you can make the investing, operating, and financial decisions easily. Without the help of the bookkeepers, none of the companies would be aware of the financial position and make the transactions.
Difference between bookkeeper and accountant
An accountant’s job is to assess and interpret the financial data of a company and make a thorough report. An account is equipped with a higher skill set than a bookkeeper does. A bookkeeper is mainly responsible for handling the actual recording of the financial transactions of the company. An account that has a degree of CPA is often paid more than a bookkeeper. Ideally, a bookkeeper reports to an accountant. To become a bookkeeper, you do not require any formal training; however, their job is crucial.
Duties of a bookkeeper
The duties of a bookkeeper may vary as it depends on the company. Some of the major responsibilities include:
- Recommend, manage and implement accounting software for up-gradation of the accounting system.
- Monitor the bookkeeping procedure and policies for the benefit of the company.
- Develop the debit and credit accounts that include assignment of expense categories.
Duties of an accountant
Some of the main duties of an accountant are as follows:
- Oversee how the financial data is stored, updated, and managed. The account approves the software that is required for a single or double entry system of accounting.
- Generate business statements and reports that meet the standards of the business and IRS.
- Stay up to date on the Government rules and regulations so that the company follows the industry standards successfully.
The information maintained by the bookkeeper is crucial because it affects how an account will interpret the financial information of a company. You can contact Bookkeeper Austin to record and manage all the financial transactions of your company. They will help you with monthly financial reports and save more money. For Virtual Bookkeeping Solutions click here.
