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I know money, why do I need an Accountant or Bookkeeper?



 

So you've started your business and things are running smoothly! LLC, check. Website, check. You even have a steady revenue stream for your goods or services. You got this in the bag! So when someone suggests that you need an accounting consultant or bookkeeper, you shrug it off and say 'I got this." You have a great relationship with money, you know how to balance a cheque book, and you are even seeing record profits, soooo why do you need an accountant?


Accountants analyze the day to day transactions of the business and provides a big picture about the financial direction of the company. The bookkeeper makes sure that these transactions are categorized and recorded correctly to assist the accountant in the analysis of the finances. So why is this important? Well, the obvious reason is that you need more time to focus on how to promote and grow your business as well as making sure that your products or services are top-notch! But most importantly, your accountant and bookkeeper can provide you with the information needed to make informed business decisions as it relates to the financial stability of your company.


Some tools that are used to provide this information includes financial statements like a Profit & Loss Statement, an Income Statement or a Balance Sheet. Accountants and bookkeepers can reconcile your bank statements to improve efficiency with reporting and timing of transactions. Your accountant can also get you prepared for your fiscal tax season based upon total sales for your fiscal periods.



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