Two of the most frequent questions we are asked are:
- Explain the difference between a bookkeeper and an accountant.
- If I have one do I need the other? (The answer is usually yes.)
They are great questions. Because we work so closely together, the boundaries of what each one does can be confusing. It is comparable to the complementary relationship between a doctor and a nurse, with the mutual goal of working together to keep you in good health. Your bookkeeper and your accountant will work together to keep your corporation in good fiscal health. Bookkeepers (and nurses) excel at day to day details and record keeping.
A bookkeeper can help you with:
- Keeping records of day to day financial transactions
- Compiling and entering your information into a database
- Preparing documents
- Preparing the general ledger
Like a doctor, your accountant is prepared to handle more complex problems and equipped with a variety of tools to investigate and diagnose.
An Accountant can help you with:
- Financial Statement preparation
- Obtaining financing
- Goal Setting
- Succession Planning
We like to take a holistic approach to your business by not just focusing on the numbers. Things like making sure your business helps you achieve your current and future goals, aligns with your values and beliefs, and brings you joy personally and professionally are all aspects we take into consideration.
It is also important to remember that like your personal health, your fiscal health depends a lot on having a good relationship with your care providers (bookkeeper and accountant).Don’t be afraid to ask questions when you don’t understand something or if you feel your needs are not being met. We are always happy to help.
If only it took an apple a day to keep the Canada Revenue Agency away 😉
Written by: Lisa Debolt