General Accounting

What is the difference between a bookkeeper and an accountant?

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    Bookkeepers record and account for daily financial transactions. They invoice customers and pay the vendors. They also prepare payroll and make bank deposits. They ensure that the daily accounting operation is performed on a consistent and timely basis.

    Accountants may also function as bookkeepers depending on the size of the business. Generally, an accountant’s function is to obtain the trial balance for the business at month/year end and ensure that all accounts are accurately stated. That process may involve reconciling the account to other sources and/or researching the history that creates the balance. There might also be a need to prepare adjusting journal entries to correct the balances to a more accurate amount. The accountant then also prepares the financial statements for the time period required.

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