What Can A Bookkeeper Not Do?

Since 1988, we at Feinstein Tax & Accounting have provided clients in Fort Myers with financial and tax accounting services. We are a family-owned business that strives for an excellent and personalized experience for all, whether it is bookkeeping or tax help you require. If your business is thinking about hiring a bookkeeper, we would like to share some information on what bookkeepers can not do while providing their services! Read on and visit our website to learn more.

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What Is Bookkeeping?

Bookkeepers are responsible for numerous financial tasks that involve keeping accurate, up-to-date information about a business. This information is an excellent indication of money that comes into and goes out of their company consistently and efficiently!

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What Can A Bookkeeper Do?

Typically bookkeepers are responsible for preparing certain financial statements for a business.

  • Income Statement: Shows revenues and expenses over a while.
  • Balance sheet: This shows a business’s financial position at a point in time.
  • Cash Flow Statement: Record the cash and cash-like equivalents entering and leaving the business.
  • Statement of changes in equity: This shows how a share of capital, reserves, and retained earnings have changed.

These are some of their primary responsibilities, but they are also involved in curating numerous other important financial statements.

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Bookkeeper vs Accountant

When it comes to what bookkeepers can not do, it typically involves financial tasks that require further interpretation. Accountants are better suited for using information compiled by a bookkeeper to produce financial reports, helping your business see the bigger picture.

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No special training is required to become a bookkeeper, and you don’t even need a bachelor’s degree. So many times, these individuals are not certified to complete specific tasks that someone like an accountant can take on.
Although bookkeepers can not take on all financial tasks, they are still essential for running a functioning business. If you want to work with a company that can take on your bookkeeping and accounting needs in Fort Meyers, look no further than Feinstein Tax & Accounting! Check out our website and learn more about our services today.