Does your business need a bookkeeper or accountant?

February 20, 2024
4
minutes to read
by
Jaala Alex
Table of Contents

As a small business owner, you may wonder whether you need a bookkeeper, an accountant, or just Thriday to manage your finances. In this blog post, we'll explore the differences between these three options and help you determine which is right for your business.

Bookkeeping 

Bookkeeping is the process of recording and organising financial transactions. It involves keeping track of income and expenses, reconciling bank statements, and maintaining accurate records. Bookkeeping is essential for any business, regardless of its size or industry.

You can handle your own bookkeeping if you're a small business owner by using new platforms like Thriday, which automatically categorises your transactions, determine your GST position and assign expenses to a chart of accounts. If you have complex financial needs such as offshore entities, hiring a bookkeeper can help you stay on top of your finances and ensure that your records are accurate. Generally speaking, however, for most small businesses, you can use Thriday.

Accounting 

Accounting is a broader term that encompasses bookkeeping and includes the analysis and interpretation of financial data. Accountants can help you with tax planning, financial forecasting, and strategic planning. They can also provide valuable insights into your business's financial health.

If your business is growing and you need more advanced financial services, you may want to consider hiring an accountant. However, this can be expensive, and many small businesses may need more money to afford it. Suppose your business is simple: you spend money and earn money and don't have a complex asset structure or foreign income and operations. In this scenario, next-generation accounting software like Thriday should be more than sufficient for your needs. In this case, we recommend setting up on Thriday, and if you need any strategic help from time to time, you can engage an accountant. This way, you get the biggest bang for your needs.  

Thriday  

Thriday is an automated accounting software that can help you manage your finances more efficiently. It automates many tasks that a bookkeeper or accountant typically handles, such as reconciling bank transactions and generating financial reports. Thriday can also help you with tax compliance and planning.

If you're a small business owner looking to streamline your financial processes and save time, Thriday is the right choice for you. With Thriday, you can manage your finances more efficiently and focus on growing your business. Thriday is free to join, and more advanced features only cost $29.95 a month, significantly cheaper than what you would pay an accountant or bookkeeper each month.

Before Thriday, bookkeeper and accounting was very expensive

Bookkeeper or Accountant Quiz

If you need more help to decide if you need a bookkeeper, accountant or just Thriday, take this short quiz and you'll get a recommendation based on your business needs and preferences.

Final Thoughts

At Thriday, we believe every small business deserves access to affordable and efficient banking, accounting and tax solutions. That's why we've created automated accounting software to help you manage your finances more efficiently. Sign up for Thriday today and take the first step towards financial success. 

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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