Why bother knowing the difference? Well, for a business that wants to thrive and grow, bookkeepers and accountants each play a different role which any sized hospitality business can benefit from.
Bookkeeping is the act of recording and dealing with day to day payments including, invoices, receipts, payroll, GST, and submitting BAS, amongst other similar things. This function allows you to keep track of your business’ finances from money coming in and going out.
Accounting is looking at all of the transactions and financial information to analyse the financial position of a business. An accountant will often use this information to provide financial advice to a business based on their goals and inspirations, usually called financial targets. They also have expert knowledge of taxes. If you really want to see your business grow, working closely with an accountant will provide the benefit of really understanding how you’re traveling.
Within the hospitality industry, it is common for businesses to use the services of just a bookkeeper, to keep track of the business and ensure it runs smoothly. If you want to grow, if you want to be profitable, the advice of an accountant is the only way to go. Using a service that offers both bookkeeping and accounting, like Ten X, has major benefits to a business.
So what can Ten X do for you?
We understand the bookkeeping and accounting complexities of the hospitality industry, which goes beyond processing invoices and reconciling your bank account. We can help set you up with financial management systems allowing you to identify and avoid costly abnormalities. Having financial control offers peace of mind, minimises risk, and allows your business to operate efficiently, whether you are there or not. You can think of us as your own virtual finance department. We will manage and monitor your business and our team is on hand at all times to advise and support you. That’s the Ten X difference. Learn how we can help.