Marcus Liu

Is Your Bookkeeping And Accounting Done By The Same Company?

At present we have a bookkeeper and and accountant. The reason is mainly that I figure if one doesn't pick something up, the other will. We are looking at changing accountants and have noticed quite a few offer a Xero bookkeeping package also. Is it a good idea to have both functions facilitated by the one company? I see so many pros and cons to going down this path so thought I see what others thoughts are.


3 Answers

Steve Osborne

Like Steven, I see nothing intrinsically wrong with having one company handling both aspects; a case could easily be made for the advantages.

A client of mine does exactly that–she runs the bookkeeping business and her partner the accounting business. The businesses are separate but linked. They would claim their clients enjoy: 1. faster processing times; 2. more knowledgeable consultancy; 3. greater contribution to business growth.

For myself, I have two separate firms performing these functions. And I run Xero myself, doing basic data entry which the bookkeeper checks each quarter and prepares the BAS. The books are then handed to the accountant each EOFY.

I suspect a majority of small businesses run this way. It's cost efficient, timely and accountable.

Melanie Gray

I would have two different people performing the jobs. Bookkeeprs are generally cheaper too. I do all my bookkeeping and hand it over the final figures to my accountant

Steven Freeman

One company responsible for both aspects is OK but not same person. Separate companies and different people for each could help keep everyone fully accountable :)