Introducing Bookkeeping Wagga Summary Sometimes people use the same term to define an Accountant and a Bookkeeper, they both take part in the accounting.

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Presentation transcript:

Introducing Bookkeeping Wagga

Summary Sometimes people use the same term to define an Accountant and a Bookkeeper, they both take part in the accounting process but don’t have the same responsibilities and roles. What differs between an Accountant and a Bookkeeper? Why do you need an Accountant and a Bookkeeper?

What differs between a bookkeeper and an accountant ? Bookkeeper Accountant

Why do you need both accountant and bookkeeper ? The accountant uses the information produced by the bookkeeper in order to create relevant information used in reports and financial statements The accountant performs adjustments to ensure the financial reports are accurate or reflect the type of report. Accountant Bookkeeper

Bookkeeping and Accounting are complimentary work to ensure your business success

This is your business Here are some of the reasons why you need a good financial record keeping system

Monitoring the success of your business Its hard to know how your business is doing without a clear financial picture: Is my business making money? Are sales increasing? Are expenses increasing faster than sales? Which expenses are to high based on my level of sales? Do Some appear to be out of control

Providing the information you need to make decisions Evaluating the financial consequences should be part of every decision you make. Without accurate records and financial information it may be hard for you to know the financial impact of a given course of action. Will it pay to hire another employee, how much will another employee cost. Is this particular product profitable.

Preparing your income tax return With good records, preparing an accurate tax return will be easier and your more likely to be able to do it on time. Poor records may result on overpaying or underpaying or filing late and paying penalties. When your accountant prepares your income tax return, poor records will almost certainly result in paying higher accounting fees.

Obtaining Bank Financing A banker will usually need to see the financial statements, balance sheet, income statement, cash flow budget as well as projected statements showing the impact of the requested loan. The banker may also want to see your bookkeeping procedures and documents to see whether you run a business in a sound and professional manner

Keeping your financial records is probably not what you do best You would rather spend your time selling your product or service. To eliminate the stress, mishaps and potential errors, hire a bookkeeper to keep your books! Receipts and Financial books can be collected or dropped off every week and receive the monthly reports and statements to know how your business is going.

Bookkeeping Wagga We are the key to your financial success in the Wagga Wagga area. 11 Allen Street, Wagga Wagga NSW 2650 Phone: Web: