Although Bookkeeping services Sydney and Accounting are often used interchangeably, there are subtle differences between them in case of small businesses. Bookkeeping services Sydney deals with the process of record keeping of all business transactions which includes sales, cash transactions, expense etc.
There are companies which use double entry bookkeeping which includes sale of an item to another organization, thereby generating a sales invoice and a debt entry for the other organization. Accounting services are mostly responsible to record the financial affairs of the organization. The presentation of the numbers provided by the bookkeeper and determining the financial health of the company is done by an accountant.
In most small businesses, the bookkeeper works under the accountant, where both the bookkeeping and accounting services could be outsourced. As an entrepreneur of a small business, it is important to understand and control the process of accounting and bookkeeping services Sydney.
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