Do I need a bookkeeper or an accountant?
Updated: May 25
Lots of people ask me what the difference is between an accountant and a bookkeeper. My answer is that in most cases accountants are important for filing your accounts and tax return, and a bookkeeper is the one who supports you with running the business.
My clients know that when they need to decide whether they can afford to buy equipment, we can have a chat and I can give them up to date figures to help them make a decision.
If they need a loan, their figures are up to date, ready to submit to the bank.
If they have an unexpected cost to cover, I can tell them which customers owe money so we can have a chat about who to send statements to.
At the end of the year, I can send the figures with supporting documents to the accountant, and they can work their magic for the tax man. I can answer their questions and set up the payment for the tax when the figure is finalised.
So the best plan is to have a bookkeeper supporting you throughout the year with making business decisions and an accountant to have an overview once a year and submit the right figures to Companies House and HMRC.
If you would like any on going bookkeeping support, check out our website : www.bwbps.co.uk