What is the difference between Bookkeepers and Accountants and which one is right for me and my business?
When most people think about bookkeeping and accounting, they would be hard-pressed to describe the difference between each process. While bookkeepers and accountants share common goals, they each support your business in different ways and during different stages of your financial cycle. Bookkeeping is more focused on the actual day to day transaction recording and administrative in general, concerned with recording the financial transactions accurately. Accounting is more subjective, giving you business insights, consultation and analysis based on the bookkeeping information.
Bookkeeping is the process of recording daily transactions in a consistent manner, and is the foundation to building a financially successful business. Bookkeeping might be comprised of: recording financial transactions, producing invoices, completing payroll, processing payables, and maintaining and balancing subsidiary ledgers, general ledgers and historical accounts. The complexity of the bookkeeping system often depends on the size of the business and the number of transactions that are necessary on a daily, weekly and monthly basis. Without solid and consistent bookkeeping services, your business will likely never reach that highest peak you wish to achieve.
Accounting is the high-level process that uses financial information compiled by a bookkeeper or business owner, and in turn, produces financial statements and financial models using that information. The process of accounting is much more subjective than bookkeeping and might be comprised of: preparing adjusting journal entries, preparing business financial statements, analyzing cost of operations, reviewing financial data to improve efficiencies and effectiveness in the business, and aiding the business owner in understanding the impact of financial decisions. Accounting provides reports that bring key financial indicators to light and the result is a better understanding of actual profitability and awareness of cash flow in a business. Accounting reveals the bigger picture of the business and helps a business owner continue choosing the best path to reach the top of that mountain.
Bookkeeping
Experience the peace of mind that comes from knowing your books are done right, every single time.
PEOPLE - Fenix Group ensures you have the right people assigned to your account, and all of those professionals are focused on ensuring accuracy and consistency in your books. Your Fenix team members are made up of proactive people who pay attention to the details of your records and care about your success.
PROCESS - Proper workflow design and technology ensures you meet your vendor obligations on time, simplify and improve collections from your customers, and ensure timely reimbursements and payments to your employees. The end result is your back office runs smoother, faster and more efficiently and effectively.
EXPERTISE - Fenix Group ensures transactions are categorized appropriately and relevant lessons learned across our client base are applied to your specific situation. The appropriate financial controls are always in place to protect you and your business.
Accounting
Understand clearly the story your financial numbers are telling and feel confident in making solid business decisions.
PEOPLE - Fenix Group includes only people with a proactive mindset, and these professionals have decades of experience dealing with start-ups to established corporations. Your Fenix team members are professionals who have the ability to analyze your financial statements and provide high-level insights into our business.
PROCESS - Whether it’s augmenting your existing technology solution or assembling the process from scratch, Fenix Group ensures your business has the right solutions in place for efficiency and automation. The end goal of the process is for you to understand what your financial numbers are telling you, and that can only be accomplished with a well functioning system in place.
EXPERTISE - Fenix Group provides you with the correct lens to assess your company so you can make smarter, more informed decisions that move your business forward. Our Fenix team ensures your financial statements are prepared in accordance with accounting and industry standards in mind, and those financial statements reflect the true state of your business - financial data which gives you actionable insight into your company.
Consulting
Plot your company’s course with the utmost confidence.
PEOPLE - Fenix Group will leverage our resources to open up a team of CFO’s, Controllers, corporate finance experts and financial analysts to identify areas within your business needing attention and support. These experts will pull upon their decades of experience and will support your business and allow you to pursue your goals.
PROCESS - Working in conjunction with you and your company’s executives, Fenix Group will create a road map of execution that is transparent and clear so that you know where we are headed every step of the way.
EXPERTISE - Fenix Group brings the right capabilities to solve the right problems for your business. From acquisition analysis to restructuring, cash flow analysis to budgeting reviews, financial projections to forecasts, mergers to acquisitions, and capital funding to compliance reviews. Your company can rely on our expertise to achieve even your highest set goals.