Has your business grown to the point where it’s too much for you to handle your own finances? If this is the case, you must be wondering if it would be better to hire a bookkeeper or an accountant. Gaining a better understanding of both professions will help paint a better picture of who you should hire. Both positions will be responsible with managing your finances, but each one will contribute differently to the company’s accounting objectives.
Bookkeeping is more of the administrative role of the company’s accounting process but is still a key component. Daily tasks include collecting and sorting, through the receipts and invoices then inputting the required data into the general journal. The bookkeeper would have to maintain the general ledger on a constant basis and monitor the ongoing finances of the business. Additional responsibilities for the bookkeeper are but not limited to;
Processing Invoices, Receipts, Payments
Processing and Maintaining Payroll System
Reconciling Accounts and Preparing Reconciliation Reports
Managing Accounts Receivable and Accounts Payable
Preparing and Lodging BAS
Bookkeeping is only half of the accounting process. An accountant helps business owners make better financial decisions. The accountant has a more of an analytical position and will create reports based on past financials performances. These reports are generated from the financial reports that the bookkeeper has created during a specific time. Their accounting certification (CPA, CGA, CMA, CA) and strong financial background makes them best suited to provide feedback and advice for the company’s future objectives. Other responsibilities of the accountant are but not limited to;
Future Financial Elements
Preparing Adjusting Entries
Preparing Company Financial Statements
Analyzing Costs of Operations
Business Establishment Assistance
Financial Management Advice
Taxation Advice and Planning
The job of the accountant relies heavily on the work of the bookkeeper, it would be beneficial to have both for your business. This will ensure that your business remains financially healthy and it will allow you to have more time to focus on growing your business. Develop your company into a paperless business with Microsoft Dynamics, download our demo today http://www.websan.com/demo/ and see how going digital can benefit your business.
Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc.,a 2017 Microsoft Modern Marketing Innovation Award Winner
Microsoft Dynamics GP goes beyond what a simple stand-alone ERP solution or accounting software can do. Are you utilizing the full potential of your accounting system? Microsoft Dynamics GP has been developed to work the way you work and help you make better decisions, but you first need to take full advantage of its capabilities.
This July WebSan University offers a special free 2-hour online training session about Microsoft Dynamics GP GL/ AP/ AR modules that you should start using today.
Here is a quick outline of the main topics that are going to be discussed during this session:
- Module 1: Account Rollups
- Module 2: Fixed Assets
- Module 3: Intercompany
- Module 4: EFT
- Module 5: National Accounts
- Module 6: Smartlist Reminders
WebSan Solutions Inc. is a Microsoft Dynamics GP & CRM Partner, located in Toronto, Canada. With over a decade of experience in Enterprise Software solutions, online accounting software, implementation and design, the experts at WebSan know how to help you transform your business.
Doriana Kote, Web Marketing Coordinator, WebSan Solutions Inc., a Channel Elite Awards Winner for 2013
I see a lot of Clients attempting various methodologies to research and find new software.
One of the great resources that I've recommended is : FindAccountingSoftware.com
This is a website whereby you can find objective, 3rd party information on many systems offered (there are many, believe me!). We've had numerous Clients find us through that website and they're quite happy with their selection of MS Dynamics GP and WebSan Solutions Inc.
I encounter prospective Clients every day who ask me: why?
- Why do I need a new system?
- Why do I need to invest in new software?
- Why WebSan?
I cannot come up with "one-size-fits all" answer for everyone, but what I can tell you is the following:
- Companies that leverage Enterprise software to run their business see a significant improvement in their financial performance. This can manifest itself operationally in many ways, but typically it's a reduction in outstanding Receivables, growth in operating margin and lower overhead resources in the Finance and administration departments.
- According to a recent Aberdeen© report, best in class companies saw:
- 22% reduction in operating costs
- 20% reduction in administrative costs
- 17% reduction in inventory
- 19% improvement in complete and on-time delivery
Organizations are always looking to be more competitive and reduce costs. A solid investment in technology with the right Partner can make all the difference in the world.
WebSan Solutions Inc. is a Microsoft Dynamics Certified Partner specializing in MS Dynamics GP and Hosted MS Dynamics GP. Dynamics is a top-rated Enterprise software system that has over 40,000 installs in North America.
Contact us for inquiries.