Bookkeepers process financial transactions such as invoices, receipts, and payments. They also maintain payroll systems and prepare initial financial statements and account reconciliations. In contrast, accountants provide higher-level services like taxation advice, auditing, business consulting, and financial management recommendations. While bookkeepers focus on day-to-day transaction processing and record keeping, accountants analyze financial data and advise on strategic and compliance issues.

1. What’s the
difference between
an accountant and
a bookkeeper???

2. Tasks of a Bookkeeper
• Processing invoices, receipts, payments, and other financial
transactions
• Processing and maintaining your payroll system
• Preparing initial financial statements
• Reconciling accounts and preparing reconciliation reports
• Managing your accounts receivable and accounts payable,
i.e. amounts owing by debtors, and amounts owing to
creditors
• Calculating GST, Preparing and lodging your BAS
• Designing, establishing and reviewing accounting systems

3. Duties of an Accountant
• Taxation advice and planning
• Business establishment assistance
• Auditing
• Corporate reporting and compliance
• Superannuation fund advice
• Financial management advice