Do you still wonder if you should become an Accountant or a Bookkeeper?
If you’re looking to pursue a career in financial services and finding it difficult to decide whether to work as an Accountant or Bookkeeper, then you should read this article.
Difference between Bookkeepers and Accountants
A bookkeeper will likely be the person that assists you with the ongoing financial recording and transactions that keep your business running smoothly. Your accountant, on the other hand, will be the person who analyses the data produced by your bookkeeper, reports on it, and gives financial advice. Your accountant will also have a strong understanding of your taxation requirements and will be best able to assist in that area.
Bookkeepers, as previously stated, are instrumental in the ongoing financial upkeep of your business.
Some tasks that are regularly undertaken by your bookkeeper can include:
- Processing invoices, receipts, payments, and other financial transactions
- Processing and maintaining your payroll system
- Preparing initial financial statements
- Reconciling accounts and preparing reconciliation reports
- Managing your accounts receivable and accounts payable, i.e. amounts owing by debtors and amounts owing to creditors
- Calculating GST
- Preparing and lodging your BAS
- Designing, establishing and reviewing accounting systems
There are a wide variety of other tasks that a bookkeeper can undertake, and they are generally related to the ongoing maintenance of your financial records.
While accountants will also be qualified to assist in these areas, it is important to be aware that there is likely to be a difference in fees charged by bookkeepers and accountants.
The role of an accountant in the business, while potentially encompassing some bookkeeping tasks, is often more advisory and analytical. An accountant will be in a position, through analysis of past performance, to offer financial projections and advice on future financial elements of your business.
Further services offered by your accountant can also include:
- Taxation advice and planning
- Business establishment assistance
- Corporate reporting and compliance
- Superannuation fund advice
- Financial management advice
Which Role Is Best For You?
Accounting has a better long-time career in the financial services industry and has better scope and income compared to bookkeeping. But if you prefer to quick start your career with minimum experience, then bookkeeping should be ideal, to begin with.
How Can The Certificate IV In Accounting And Bookkeeping Help You Decide?
Certificate IV in Accounting and Bookkeeping course is a mix of accounting and bookkeeping qualifications. The combination of both accounting and bookkeeping skills allows you to become a more flexible financial worker and equips you to be a competent bookkeeper. And if later prefer to be an accountant, then it gives an option to shift the specialisation.
This course meets the Tax Practitioners Board (TPB) education requirements to become a BAS agent. Experience criteria apply.
The professional outcomes from this qualification include:
- Professional bookkeeper
- Sub-contracting bookkeeper
- MYOB professional
- Payroll professional
- Accounts Payable and Receivable professional
- BAS Agent (subject to Tax Practitioners Board requirements)
- Accounts supervisor
- Senior Accounts Administrator
If you would like to know more about the course and discuss the career options then do not hesitate to contact Think Academy of Business & Technology and speak to a career advisor.
Alternatively, more information can also be found here: https://tabt.edu.au/accounting-and-bookkeeping/