Do I Need A Bookkeeper If I Already Have An Accountant?

Having an accountant does not automatically mean your day-to-day bookkeeping is being handled. Accountants and bookkeepers often perform different functions, and many businesses benefit from having both. 

A bookkeeper can maintain the financial records throughout the year by processing transactions, reconciling bank accounts, managing invoices and bills, keeping accounts receivable and payable organised and supporting payroll. 

Your accountant can then use those up-to-date records for tax returns, financial advice, tax planning and other higher-level work. This division can be particularly useful for a growing small business because it means your accountant does not have to spend valuable time performing routine bookkeeping tasks. 

Xero supports collaboration between business owners, bookkeepers and accountants, allowing everyone to work with the same financial information. You may not need a separate bookkeeper if your accountant already provides a comprehensive bookkeeping service at a price that works for your business. The question is really about what work is being completed and whether your accounts are kept current. If your accountant only looks at your books quarterly or annually, a bookkeeper may provide valuable ongoing support. 

Young Guns Bookkeeping works with Melbourne businesses that want their bookkeeping maintained throughout the year and can work alongside an existing accountant. This can give the accountant cleaner information while giving the business owner more regular visibility over their financial position.