Today is International Accounting Day, we hope all our accountant buddies are having a wonderful day.
We are often asked ‘What is the difference between a bookkeeper and an accountant?’ Or ‘Do I really need an accountant, can’t you do everything?’
To us it’s like doctors and nurses, accountants (tax agents) are the doctors and bookkeepers (BAS agents) are the nurses, both have an important role to play in client health and well being. We love to work together to get the best outcome for our clients. A second set of eyes and perspective never go astray either.
Tax agents look at the big picture and structure your affairs to maximise security and minimise tax. They are able to lodge tax returns.
BAS agents get a bit closer, they hold your hand as they rip the bandaid off (prepare liability payments like super and BAS) they collect samples (paperwork) and check your vital signs periodically. They will probably help you setup your accounting & business software, they may assist you setup business systems, arrange for your bill payments, process employee wages and send payslips to your employees. Your bookkeeper probably helps you with payment summaries for your staff, preparing reports and reconciling income and expenses. They are able to prepare and lodge your BAS.
Happy International Accounting Day to all our accountant friends!