Which do I need – a book-keeper or an accountant?

20 July 2023

A Book-Keeper

  • Records all the information regarding the transactions and financial activities of the business
  • Controls the sales and purchase ledgers
  • Prepares VAT returns
  • Manages credit control
  • Prepares bank reconciliations
  • Files all source documents
  • Corrects errors
  • Prepares accounts to trial balance – a complete list of accounts with up-to-date balances for the accountant to produce the end-of-year financial reports
  • Closes the year-end accounts making any adjustments necessary
  • Revises updates and improves; forms, administration procedures and accounting methods
  • Installs and sets-up accounting applications
  • Provides Management Accounts and overview of businesses financial situation.

An Accountant

  • Finalises the accounts, in line with company law, and files at Company House.
  • Makes the decisions before and after the book-keeping process
  • Can provide detailed tax and company law advise
  • Measures the profitability of the business, forecasts future needs
  • Can provide audits and financial statements
  • Establishes what accounts are needed to accurately record the performance of the business
  • Provide a deeper understanding of company law and complex tax issues

The Answer is…

Both! But at different times of the year!