Bookkeepers mostly handle the day-to-day entry of transactions throughout the year. They perform functions such as invoicing, payables, payroll, reconciliations and filing sales taxes.
Accountants provide business owners with financial insights based on information taken from the bookkeeping data and prepare a company’s annual financial statements and income tax returns.
Accountants can perform bookkeeping duties; however, their main focus is on the bigger picture and help owners gain an understanding of profitability, financial controls, tax planning and other business activities.
To be successful, most businesses need both a bookkeeper and an accountant.
