When it comes to keeping businesses on their feet, accountants and bookkeepers have a significant contribution. Unfortunately, their services are deemed to be competitive instead of complimentary and this is the reason tension between these two camps build up. Why not offer the best of both worlds through collaboration?
When accountants and bookkeepers are working closely, essential information is fully reconciled. Business owners are also assured that the information is accurate. When incoming information is reconciled, it will be easy for accounting firms to focus on business-related issues such as cashflow, profit and business growth. There are several reasons for the gap between the accountant’s and bookkeeper’s work such as using the old accounting systems. When both camps see their roles as separate and there is lack of communication, there will be misunderstandings and friction.
Both parties must be aware of their roles in the business. Just because they have different roles to play does not mean they cannot work as a team. These days, accounting software can be used so bookkeepers and accountants can access the information at the same time. This makes collaboration and job tracking possible.
If there are problems that both parties may encounter, it is easy to track them once they access the same information through accounting software. The major roles of accountants include depreciation, company set up and ensuring that the best result is achieved at tax time. Bookkeepers are responsible for taking care of overflow work and bring up issues with the accountant before the year end.
Another benefit that a business owner can obtain when bookkeepers and accountants work together is efficiently generating leads through getting viable resources. When proactive approach is used, they can be a great team. With training and webinars, accountants and bookkeepers will have a clearer understanding of their roles.
• Learn new skills. If there are gaps in your bookkeeper’s and accountant’s skillset, learning new skills will bridge the gap. It is not just enough that you are familiar with your responsibilities because you will also need to keep up with the technology. Accountants and bookkeepers should build on their IT skills so they can utilize accounting software effectively.
• Consider complimentary services. Collaborative business relationships are effective in businesses because it helps the team offer referrals, share resources and give advice to make businesses grow. When there is a strong network, the business will also thrive.
• Get to know the latest accounting technology. The first step to using accounting software is learning about the add-ons and features. Bookkeepers and accountants need to attend training sessions and utilise online training tools.
Collaboration also means embracing changes. Although technology advancements have made the roles of each party much easier, this does not mean that business owners no longer need bookkeepers and accountants. It will be convenient for business owners to work with accountants and bookkeepers if they work harmoniously. Each one has a purpose and no role is greater than the other. When businesses have a strong network, the goals that will encourage growth will be achieved.
Peter Broberg is a bookkeeping professional with over 20 years experience in the finance sector. With more than 2 decades of experience, Peter provides payroll and bookkeeping services on a professional level. His services cater to small and medium enterprises in Cannington, Kalamunda.