Something that quickly becomes apparent when you run a small business and have just started out, is the amount of work that needs to be done on the financial side of the business. Something that many people are unsure of is what the difference is between a bookkeeper and an accountant, and this can lead to some confusion as they may think that they need an accountant when in fact they need a bookkeeper, or the other way round.
A bookkeeper, like these bookkeepers Chelmsford, https://yourbookkeepers.co.uk/bookkeepers-near-me/chelmsford tends to deal with the day to day financial running of the business. They will deal with things like the bills that your business needs to pay, as well as chasing up money that is owed to your business. The financial paperwork will be organised by a bookkeeper, and they will deal with things like receipts and expenses and keep them in an orderly way. A bookkeeper can also run your payroll each month for you.
An accountant will deal with things like tax returns and the more complex and specialist finances relating to your business. They may be able to speak with you about planning for the future and help you with your financial strategy, as well as managing the cash flow for the business. They can act a bit like a financial advisor, so if you have any ideas it can be a good idea to bounce it off your accountant as they may have a different view than you do.
