Tag Archive: bookkeeping and accounting

4 Tips to Handling Bookkeeping Client Issues

Bookkeeper experts frequently wind up in circumstances where you and the customer are indifference. At the point when these cases emerge, who decides on what is “correct” and what is “off-base?” At the point when these circumstances arise, I find there are a few approaches to approach the issue with the goal that everybody included turns out a victor.

Here’s four that tend to work best:

Try not to Make the Client Wrong

As a matter of first importance, it’s normally best to not make your customer off-base. In the event that I am to a great degree sure that my decision is the correct decision, I can back it up with cases where I have settled on a comparable decision for different customers, and how the consequences of that decision were sure. Check here.

Panic them with the IRS

In the event that a customer is by all accounts overlooking your sound exhortation, let them realize what may happen if the IRS were ever to come thumping at the entryway.

Concede When You Don’t Know the Answer

In the event that the customer challenges your insight or aptitude, you can simply react that they might be correct and that you will meet with your associates and hit them up. My customer opened another Line of Credit (LOC) with his bank. He setup the record in the QuickBooks Online (QBO) Chart of Accounts (CoA) and associated the bank nourish.  See … Read the rest

What is the difference between bookkeeping and accounting and why should I care?

There is a common general assumption that the role of a bookkeeper is similar to that of an accountant. This is understandable, as bookkeeping and accounting both deal with financial data and are often interlinked. However, though they are related, there are subtle but important distinctions to be made between the two. Let’s unpack this, shall we?

The Theoretical Differences

Bookkeeping is exactly what it sounds like: it is the keeping of financial records in books. Of course, in this modern age, books here could mean anything from an actual book/ledger to accounting software online. The main responsibility of a bookkeeper in a business is to record its daily financial transactions consistently and accurately. This helps to ensure that bills are paid and money is received on time. Bookkeeping is thus a relatively straightforward process, primarily requiring that bookkeepers have a good eye for detail and a solid grasp of basic accounting knowledge.

Accounting, on the other hand, requires a more in-depth knowledge of accounting principles, as it constitutes the interpretation, summarization and reporting of data produced through bookkeeping. Accountants thus require a higher level of educational certification in accounting compared to bookkeepers, and will earn a correspondingly higher salary. There are many different types of accounting – managerial, financial, forensic, tax, project, etc. In general, however, an accountant’s role consists of turning the hard numbers recorded by a bookkeeper into subjective information about where cash is flowing in the … Read the rest

css.php