For ordinary people, accountants and financial bookkeepers are considered to be the same person, when in reality they are not. An accountant has the responsibility to interpret, classify, analyze, report, and summarize financial data. Meanwhile, financial accounting holders are only responsible for recording financial transactions. So, bookkeeping holders do not involve skills to interpret and analyze data. Additionally, you may also need to hire irenas bookkeeping sydney services if you want to hire the best bookkeeping experts to assist your business.
Businesses cannot survive in the long term without the presence of accounting and financial accounting that are organized neatly and according to systematics.
Business finance process
As explained earlier, bookkeeping is the process of recording financial transactions, which this process becomes the initial and basic part of an accounting process. With the recording and analysis, proof of business transactions can be known whether it is included in the debit or credit category.
The business financial process requires art to record transactions systematically in order to maintain the balance of financial statements based on Accounting Standards. This is done by an accountant with the help of entity financial statements, internal audits, and tax audits conducted at the end of the financial year.
Accountants and financial bookkeepers, new business fields
This financial report can be read by the user after the audit process so that the performance and position of the business are visible for a certain period. Users of financial statements include all stakeholders, such as creditors, debtors, suppliers, investors, shareholders, and employees. Thus, the financial accounting holder handles the recording part of the accounting process, while the accountant handles all parts of the accounting process.
The complexity of the business financial process that must be carried out creates new business fields for business people in the field of public accounting services, audit services, and tax consultants. Some accounting services offices even provide these three business financial services. Of course, you can easily complete the business financial process with the help of accountants and financial accounting holders of the company or take advantage of assistance from third parties.