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Bookkeepers and accountants share the same long-term goal of helping your business financially thrive, but their roles are distinct. Bookkeepers focus more on daily responsibilities, like recording transactions, while accountants provide overarching financial advice and tax guidance.

Think of a bookkeeper like a nurse a professional who does the day-to-day work such as allocating expenses and paying bills while the accountant is more like a doctor, analysing data and providing specialist advice. A profitable business needs both.

Generally, an accountant or owner oversees a bookkeepers work. A bookkeeper is not an accountant, nor should they be considered an accountant. Bookkeepers record financial transactions, post debits and credits, create invoices, manage payroll and maintain and balance the books.

Smaller businesses may employ full-charge bookkeepers who also categorize the data they enter and sometimes prepare financial statements. Larger businesses often call their bookkeepers accounting clerks; these may be specialized by the types of data they enter for example, accounts receivable or accounts payable.

Although full charge bookkeepers are responsible for a businesss accounting, they are not accountants or Certified Public Accountants. In this role, you may help prepare financial statements and tax returns for your employer, who then submits them to a CPA for review or auditing.

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Bookkeepers and accountants occupy a continuum beginning with recording financial transactions and continuing through categorization, preparation of specialized reports, and financial analysis. In general, the bookkeepers job is limited to recording transactions, while an accountant does the rest.

The term full charge means that these bookkeepers manage all of the businesss accounting needs. Besides the typical task of maintaining the business ledger, these bookkeepers prepare financial statements and tax returns, record complex transactions and process timesheets and payroll.