Do the words bookkeeping or accounts sound a bit daunting or when you delve deeper, seem like a foreign language? We understand that it can sometimes feel like that so thought we would provide a little clarity so that you can assess what service you might need or alternatively, just a bit of background prior to calling us.
So, what is the difference between a bookkeeper and an accountant?
A bookkeeper tends to be responsible for the 'day to day' financials that every business (sole trader through to limited company) needs. The role normally encompasses processing of invoices received from customers (sometimes referred to as 'accounts payable') and processing of sales invoices to your customers (also known as 'accounts receivable'). Often the bookkeeper will pass this information to the accountant.
A bookkeeper is important because their services can help with control and assist in record keeping no matter how small your business is. Don't make the mistake that many people have made in thinking this role is not important – it really is!
Accountants are normally members of a professional accounting body, are accountable to this body and are governed by their regulations. At Jude Rose, we are governed by CIMA (Chartered Institute of Management Accountants).
The work of an accountant covers more than that of a bookkeeper. Accountants often prepare financial reports, management information and statutory Companies House data for limited companies. Accountants can easily help a business by providing cash flow forecasts and periodic forecasts/budgets.
At Jude Rose we offer both bookkeeping and accountancy services. We are happy to talk through your requirements, after all, you know your business better than we do.