Bookkeeping and Accounting: An Overview

4th Jun 21

When talking about bookkeeping and accounting roles many people use these terms to mean the same thing. Yet, both roles serve different but equally vital roles, and both have functions that support each other. Every business needs these roles to remain financially viable, yet both these roles can easily be done through outsourcing. Therefore, here are the definitions of bookkeeping and accounting roles and why outsourcing them can prove beneficial for your business.

Bookkeeping and Accounting

Bookkeeping and Accounting Defined

The role of the bookkeeper is to accurately record any financial transactions that occur within the running of a business. They record any purchases, receipts, sales and payments that take place. By keeping an up to date record of all transactions, the bookkeeper helps the accountant inform the business of its financial standing. In turn, the accountant analyses the data supplied by the bookkeeper. They then create reports that detail the impact of these decisions, forecast on trends, give advice on how to grow the business, and more. The accountant looks at the big picture to help make decisions that affect the business. To do this they need the data provided by the bookkeeper so they can do their job well.

Benefits of Outsourcing Bookkeeping and Accounting Roles

There are a number of reasons why outsourcing these roles can benefit your business:

  • It helps you to save money in the long term. Outsourcing means you will not have to worry about hiring staff or paying for resources. All you need to do is pay the agency for all services used and they will deal with the rest.
  • Outsourced roles are experts in their fields and will have a lot of experience behind them. In this way they can offer you the best level of financial advice you need for your business.
  • By outsourcing these roles you will be able to focus time on other business needs. This will allow you to spend less time overseeing these roles and more time focused on management and business relationships.
  • Outsourced roles provide all services in a timely manner, which helps to improve the efficiency of your business. This can also allow you to update processes to improve their efficiency and the quality of data.

How AccountAbility-Plus Can Help

At AccountAbility-Plus we offer a range of bookkeeping and accounting services for any type of business. Whether you need simple advice or a full-fledged finance department, our experienced and reliable team are on hand to do the hard work for you. We can offer you invoice processing, sales ledger management, real time bookkeeping, VAT returns and more. Every business is different, and we will speak with you to make sure you have the right level of support for your needs. To find out more about our outsourced accounting services we invite you to speak with our friendly team online or via phone. For high quality financial services for your business contact AccountAbility-Plus today.