In Australia, there are two distinct roles in the world of finance and accounting that are often confused with each other: bookkeepers and accountants. While both roles involve managing financial records, there are several key differences between the two job roles.
Responsibilities of a Bookkeeper
Bookkeepers are responsible for the day-to-day financial tasks in an organisation. This includes entering financial transactions into the accounting software, preparing invoices and bank reconciliations, tracking accounts payable and accounts receivable, and creating financial statements. Bookkeepers also help with payroll, taxation and GST compliance.
Responsibilities of an Accountant
Accountants are responsible for a wide range of tasks related to financial management. They are involved in the preparation and analysis of financial statements, budgeting, forecasting, taxation, and financial planning. Accountants also provide advice on investments and business strategies and perform audits to ensure that organisations are compliant with relevant laws and regulations.
Qualifications
Bookkeepers typically have an Associate Degree in Accounting, Bookkeeping or Business Administration. Accountants, on the other hand, must have a Bachelor’s Degree in Accounting, Finance or a related field. In addition, accountants must be certified by the relevant professional body, such as the Chartered Accountants Australia and New Zealand (CA ANZ) or the Institute of Chartered Accountants Australia (ICAA).
Choosing Between a Bookkeeper and an Accountant for Your Business
The decision of whether to hire a bookkeeper or an accountant for your business depends on the complexity of your financial operations. If your business is small and you have relatively simple financial needs, then a bookkeeper may be sufficient. However, if your business is more complex or you need advice on taxation, investments or other financial matters, then an accountant is a better choice.
Perth Mobile Tax offers both bookkeeping and accounting services to businesses across the Perth region. We can help you decide which option is best suited to your business and provide you with the expertise and support you need to stay on top of your finances. Contact us for more information.
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