Bookkeepers and accountants working together
We’re often asked about the bookkeeper accountant relationship. Generally we see the two offering different services and by working together the client gets the best of both worlds.
Australian based Toni McCulloch from Accounting North (left) and Briohny de Vere of Bees Knees Bookkeeping are a case in point that collaboration works.
For Toni the best outcome is achieved when the incoming information her accounting practice receives is accurate and fully reconciled. “This gives us the scope to focus on the real issues at hand for the clients such as growth of the business, profit and cashflow,” she says.
Taking the bookkeeper perspective, Briohny says: “Whenever I get an accountant to review work for end-of-year, I always ask for feedback (yes positive and negative). Having an open relationship between the accountant, bookkeeper and client makes everyone’s life easier”.
How it can work
To explain how the bookkeeper accountant relationship can work, Melanie Morris of Bookkeeping and Beyond Ltd offers this overview:
- Generally day-to-day accounts functions can be undertaken by bookkeeper at a more cost effective rate than accountant such as Accounts Payable, Accounts Receivable, GST/ BAS returns.
- Bookkeepers can notify and defer to an accountant on tricky transactions that require a higher level of expertise and which may have tax implications.
- Accountants have a better understanding of the tax returns and get the best outcome for clients in terms of company set up, large purchases and depreciation.
- Bookkeepers will bring any issues to the accountant throughout the year rather than wait until year-end.
- The year-end work (undertaken by the accountant) should be more streamlined if accounts have been prepared by a good bookkeeper rather than someone without specialist knowledge in this area.
- Accountants can outsource their overflow accounts work to a bookkeeper.
- If the bookkeeper is taking care of the day-to-day accounts and base compliance, the accountant’s time is freed up to undertake the trusted financial advisor role by working with the client on business growth, strategic planning and cashflow budgeting.
We’d love to hear how you’ve found the bookkeeper accountant relationship – as a client or as one of these professionals. What works and what doesn’t?
