Within the business world, it can be overwhelming to have to fill out forms upon forms, and make sure every single one of those are error-free. Payslips, taxes, bills, income, and general record keeping of customers – all of these can become overwhelming very easily.
Especially when self-employed, you might struggle to find the time to fill these out. Some might think self-employment is not worth fulfilling because of all these forms, and extra effort.
But luckily there is someone who can help you: an accountant or bookkeeper.
What is an Accountant?
An accountant is generally more widely known as the person behind the company who keeps and interprets financial data. This can be seen as a straightforward job, but it is actually very intricate. An accountant must have a strong understanding of interpreting data of all types.
So, accountants are responsible for financial documents and ensuring they meet the legal laws and requirements within. They are a huge help with tedious forms, and get paid for doing the annoying jobs that comes with running a business.
Depending on the size of your company, an accountant could either work part-time or full-time. You can hire accountants through freelance companies if you haven’t got the money to hire them full-time.
What is a Bookkeeper?
A general misconception is that a bookkeeper is the same as an accountant but there is a difference – bookkeepers record transactions safely, either on paper or digitally.
But bookkeepers and accountants can work hand in hand as the transactions that are kept by bookkeepers will eventually be used for all those financial forms to fill out regarding your business.
The method to which they fill out is up to you – if you have a secure network like a USB storage device or a OneDrive then that could be a great place to store it.
As said above for the accountants, you can hire bookkeepers full-time or part-time. Freelance work is also an option.
Why is Having a Bookkeeper or Accountant Important?
First, a lack of legal forms correctly filled out could be detrimental to your business. It could cause you to lose more money than you are earning or even be charged with a cease and desist for your business.
Apart from legalities, bookkeepers and accountants can help keep track of your money. When running a large business, it can be quite difficult to find where your money is coming or going, and to know what kind of profit your are making. This can lead to serious consequences potentially leading to your business shutting down from bankruptcy.
Almost every company and business of reasonable size has some sort of accountant or bookkeeper attached to it – it’s much less stressful for you, as the owner, to do this yourself. It also allows your accountant to give you advice on the financial situation.
Read Now: Taxes: Why Are They So Important?
Where to Hire an Accountant/Bookkeeper
There are many places you will find people with these job titles – by simply posting an advert upon a job site like Indeed, Reed, or even LinkedIn, you will eventually be seeing countless applications pop up.
But how do you choose one?
Well, it is recommended that accountants have a bachelor’s degree in accounting and a bookkeeper has an associate degree at the very least before letting them on. But you can let them take the role if you see potential high skill in numerical skill, and money management. Perhaps, give them a test with fake documents to check their skill level.
This narrows down your search further. You can also judge based on job history, and if they have worked in that sort of environment before. But don’t be too judgmental as sometimes people with little experience can do the job just as good as someone with two years’ worth.
Someone who has the same passion and vision as you do for your business will also be a great fit.
Hopefully this article has helped you see clearly on why accountants, and bookkeepers are important towards your business as they provide a lot of stress relief and help significantly towards the financial data-driven side of your business.
At Count, we provide the services that bookkeepers and accountants do at a cost per month. If you are interested, then follow this link.
If you need any further help with accounting and money management, then contact us here today!