Understanding this service.
Bookkeeping concerns the organisation and maintenance of transaction records. Accounting uses financial records within the relevant framework to support financial reporting and an understanding of the business.
The records, reporting needs and responsibilities involved help define an appropriate scope. Accounting and bookkeeping are distinct from an independent audit opinion; preparing information does not itself provide audit assurance.
When businesses typically need this.
- You want to bring greater order to business transaction records.
- You are reviewing the information available for financial reporting.
- The business has changed and its record-keeping needs need discussion.
What to discuss with us.
- The type and volume of business activities.
- How records are currently maintained and the systems in use.
- The reporting purpose and the periods involved.
- Who prepares, reviews and takes responsibility for the information.
Frequently asked questions.
How do bookkeeping and accounting differ?
Bookkeeping centres on maintaining transaction records. Accounting concerns how those records are used and presented for financial reporting. The work can be related, but the scope should be clear.
Do prepared accounts carry an independent audit opinion?
No. Accounting work does not itself constitute an independent audit. Audit and assurance are separate engagements with their own requirements.
Do I need to change my accounting software?
That cannot be determined from the service category alone. Your current systems, records and needs are topics to discuss before deciding what work is appropriate.