What is the difference between an accountant and a bookkeeper?
What are the benefits of using each one? Is one better?
Lauren June , Business Development Strategist at Lauren June
The easiest answer if the accountant details with your whole company tax and financial requirements.
A bookkeeper details with the day to day accounts processing.
There is also a BAS Agent who deals with BAS related processing eg GST. In Australia you are not allowed to complete BAS work as unless you are a employee without a BAS Registration.
Hitesh Mohanlal , Director at WOW! Advisors & Business Accountants
As Lauren said bookkeepers deal with the day to day accounts processing. They process all receipts,expenses and reconcile you bank account.They might prepare your monthly or quarterly submissions to the tax authorities too. Generally bookkeepers give basic GST and payroll advice but they cannot give tax advice in Australia unless they are a registered tax agent.
An accountant will generally reviews the work of bookkeepers and prepare year end taxes.
If the accountant is good they will also provide tax minimisation advice and also business advice too.