Published on
June 19, 2024
Profit First
Written by

Why You Want Your Accountant and Bookkeeper to Be Best Financial Friends (BFF)

So you can optimise your financial position

Having a bookkeeper and accountant with a strong relationship on your team can do wonders for your business. Opportunities abound to collaborate, improve your overall position, manage your tax position and make strategic, future-focused decisions.

A Bookkeeper and Accountant are two crucial aspects of managing a business’s finances, but they often get confused.

While they both deal with financial data, their roles are distinct and complementary.
At Blu Bookkeepers, we believe that bookkeepers and accountants are the ultimate financial dream team—your accountant’s best financial friend (BFF).

What’s the difference between a bookkeeper and an accountant?

The Role of a Bookkeeper

A bookkeeper is responsible for the day-to-day recording of all financial transactions in your business. This includes tracking income and expenses, reconciling bank statements, managing payroll, paying super, and ensuring that all financial data is accurate and up to date. And much more.

The Role of an Accountant

An accountant takes this accurate and organised financial data and uses it to provide strategic advice for the business. This can include tax planning, financial forecasting, budgeting, and preparing annual financial statements and tax returns.

How Bookkeepers and Accountants Work Together

So why do bookkeepers and accountants make such a great team?

Accuracy and Organisation

Bookkeepers ensure all your financial data is correctly recorded and meticulously organised. This means that when it’s time for your accountant to review the financials or prepare tax returns, everything is already in place and easy to access. This saves time and reduces the risk of errors.

A bookkeeper takes care of it for you. You can focus on doing your work while they make sure everything is in its place.
Think of a bookkeeper as the person who files and organises all your information to have accurate accounts, while the accountant is the one who uses the information to come up with a strategic plan. Without proper organisation, building that plan would be nearly impossible.

Timely Financial Data

Bookkeepers update financial records regularly, providing timely data that accountants can use to make informed decisions. Real-time financial data is essential for accurate forecasting and timely strategic advice.

As your bookkeeper we make it our business to keep your accounts current and stay on top of the admin so you don’t have to worry about it. Our accountant partners love that about us.

“Having current and accurate financial data means accountants can provide better, more timely advice. It’s like having a map that’s always up to date with the latest information.”

Harman Johnston

Compliance and Reporting

Bookkeepers help keep your business compliant with regulatory requirements by handling tasks like BAS/IAS filing and payroll management. This frees up accountants to focus on higher-level financial planning and tax strategy.

For example, a bookkeeper like us, files your BAS on time, so you don’t face penalties. Meanwhile, your accountant can focus on finding ways to optimise your tax liability.

Managing Cash Flow

Effective cash flow management is important in any type of business. Bookkeepers keep a close eye on daily transactions and cash flow, ensuring that your business always has money when you need it.

This allows accountants to plan for future investments and growth strategies.

At Blu Bookkeepers we are also accredited Profit-First bookkeepers who can implement the methods that work towards a profitable, cash-flow-rich business where every dollar is where it needs to be.

Profit-First ensures we prioritise profit, but maintaining good cash flow is equally important. And that’s where a bookkeeper makes all the difference.”

Profit-First by Mike Michalowicz

Why Your Accountant Needs a Bookkeeper

By having a bookkeeper and an accountant, you get the best of both worlds: accuracy and organisation for daily financial tasks, and strategic advice for long-term planning.

It’s a partnership that combines meticulous record-keeping with expert financial guidance, to help you grow.

Why choose Blu Bookkeepers

At Blu BookKeepers we work closely with accountants because we understand the unique roles that bookkeepers and accountants play.

When we work together, we become your powerful team that supports your business to success.

So, if you want to ensure your business’s financial health, consider adding a bookkeeper to your team. They are, after all, your accountant’s best financial friend (BFF).

Unlock the potential of having two financial champions on your team.