Do I Need A Bookkeeper Or An Accountant?

The answer depends on what you need help with. A bookkeeper generally focuses on maintaining the day-to-day financial records of a business. This can include transaction processing, bank reconciliation, accounts payable, accounts receivable, payroll and keeping accounting software up to date. 

An accountant may focus more on tax returns, tax planning, financial advice, reporting and broader financial decisions. For many small businesses, the best answer is not "bookkeeper or accountant" but both. 

A bookkeeper can keep the records current throughout the year while an accountant uses those records for tax and advisory work. Cloud accounting software makes this collaboration easier because the business, bookkeeper and accountant can work from the same information. If you are just starting a small business, you may initially need an accountant for business structure and tax advice and a bookkeeper once there are enough transactions to justify ongoing support. If your business is already operating and the books are behind, a bookkeeper may be the more immediate need. 

Young Guns Bookkeeping specialises in practical bookkeeping support for Melbourne small businesses and can work alongside your accountant. The important thing is to identify the tasks you need completed rather than choosing a provider based solely on their job title. 

Ask whether you need transaction processing, reconciliations, payroll, BAS support, tax advice or financial planning. That will help determine which professional you need.