No business can ever flourish without a stable financial backbone that comes from good bookkeeping Orlando. While it is imperative to have a substantial source of investment ready for the startup, it is equally important to properly do your bookkeeping in Orlando that documents the inflow and outflow of finances. Not only is it a requirement put forth by the State laws everywhere, it also helps in evaluating the position of a company.
For this purpose, it is usual for companies to employ financial experts working internally for the organization. The financial statements prepared by these employees are then evaluated from an external accounting firm Orlando to identify accounting discrepancies, if any. This is also a state requirement as these records directly impact the tax calculations, which many companies may try to evade tax payments.
Nevertheless, it is common to get confused between the job responsibilities of an Orlando bookkeeper and an accountant in Orlando. While a bookkeeping Orlando is generally associated with maintenance of books, and an accountant Orlando is associated with accounts, most people tend to get flustered when asked to identify the points of differences between the two. In today’s world, this demarcation is even more difficult as both can be seen performing each others’ tasks interchangeably.
As an academic seeking a suitable career path or as a human resource manager for a company hiring financial experts, the following list of differences can be helpful in determining the right choice.
Institutional Accreditation: While it is important for accountants Orlando to seek accreditation from reputed institutions and pursue the lengthy course of acquiring relevant accounting degrees, bookkeeping Orlando professionals are generally exempted from this obligation. They are responsible for maintaining books and have traditionally been regarded as an entry level job position. It involves low risk and less liability, therefore requiring no concrete academic backgrounds. However, with time, some regions have tried to standardize the skills of a bookkeeping Orlando pro by institutionalizing its course. Bookkeeping in Orlando has readily evolved into an active career path.
Compensation Packages: The compensation package offered to an accountant Orlando is significantly higher than that given to a bookkeeper Orlando. This is automatically translated into the responsibilities laid on each. Also, the complexity of each person’s job performance also differs immensely.
Job Responsibilities: As already mentioned, the responsibility of a bookkeeping Orlando professional is to maintain records. Each day’s transactions are penned in relevant ledgers and a general entry journal is maintained. All sales, purchases, cash payments and cash receipts are documented together in order to achieve an overall picture later in the form of financial statement derivatives. The bookkeeper Orlando may be required to perform a trial balance to ensure all transactions are recorded appropriately. A single missing entry can result in strenuous efforts to rectify it.
On the other hand, an accountant Orlando is responsible to ‘play’ with the records and create representative financial statements for the company with this data. It is not appropriate to assess each day’s transactions and decide on future plans. The managers need grouped data which is understandable and can be analyzed. The accountant Orlando may also be responsible for creating adjusting entries for some complicated Orlando accounting operations. In other words, the accountant Orlando transforms daily occurrences into future course of actions.
If you need more information about our, Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.