Book-keeping question

mardatha

What is the difference between an accountant and a book keeper? ie when do you need an accountant and when will a book keeper do instead? Is it legal to do it all yourself? Is it easy? TY!

lizzyb1812

Hi Mardatha

The term accountant is usually used to refer to someone who has a professional accountancy qualification although anyone can call themself an accountant.

If you were being picky you'd say that a book-keeper does the day to day entering of invoices, etc and the accountant does the accounts at the end of the year but in practice accountants and/or book-keepers will do a lot of the same things.

For a basic small business you do not need either a book-keeper or an accountant but you do need common sense, determination to do it regularly, a bit of time and the nous to get on the internet/ask questions about your obligations re the taxman, VAT etc. hmrc.gov.uk would be a start.

HTH

Lizzy

Trust me, I'm an accountant :rotfl:

bengalknights

Generally a bookeeper keeps things ticking over day to day where as an accountant (chartered) would sign of a account at end of year for tax etc.

mardatha

That's great, ta. I want to start up making- soap again but this time just as a hobby that pays its way, not as a fully fledged business. I doubt I would ever make anything like enough money to warrant an accountant

BryanSmallBiz

Sounds like a book-keeper will be superfluous too. Just do it yourself with a spreadsheet.