Bookkeeping vs Accounting: Whats The Difference?

Accountants rely on financial statements from bookkeepers to do their work, but they also look for larger trends and the way money works across the business. They also have resources to help you file sales and payroll taxes and record tax payments yourself. However, QuickBooks Live Bookkeeping does not offer tax filing and prep services for you. With bookkeepers, there are a lot of minutiae involved, and keen attention to detail is paramount.

• A bookkeeper must be able to shift focus easily and catch tiny, hidden mistakes in a budget or invoice.
• It is not an unusual career move for a bookkeeper to gain experience at a job, study, get certified, and work as an accountant.
• You also have the option to sign up for a 30-day free trial of any QuickBooks Online plan or receive your first three months of the software at a discounted rate.
• A key part of the accounting process is analyzing financial reports to help you make business decisions.
• No, Bench uses its own proprietary software and doesn’t sync with commonly used accounting software like QuickBooks Online or Xero.

It’s an ideal solution if you have limited time or want to outsource your books to a certified bookkeeper so that you can focus on the other aspects of your business. You’ll also have access to a tax professional to help you make tax preparation and filing easier. The main reason the platform didn’t score better in our Bench Accounting review is that what is virtual bookkeeping it lacks bill payment and invoicing services, but most companies choose to handle those back-office tasks themselves. Also, it doesn’t have financial planning services like investment and business expansion. Finally, because it operates on proprietary software, it doesn’t sync with commonly used accounting solutions like QuickBooks Online and Xero.

Ease of Use: Bench Wins

Now that we have a better sense of the QuickBooks vs. Bench comparison in terms of features, let’s break down how they compare in terms of pricing. A crucial component of that mechanism is the Accounts Payable (AP) process. Let’s chat and walk through your specific use case and determine if we are a good fit. If not, we are happy to make a recommendation for someone who will take care of you. We help creatives turn their passion into a marketable, profitable business.

• When a bookkeeper wants to leap to being an accountant, they will need to take the CPA exam, plus earn a bachelor’s degree (most of the time), if they do not have one already.
• If you have questions about your finances, any bookkeeper worth their salt should be able to answer them.
• Bookkeepers who excel at their jobs are also sometimes promoted to accounting positions, even if they lack the level of education the company typically prefers.
• This serves as the foundation for all content, demonstrating a clear dedication to providing valuable and reliable information.

You can also add services like payroll, invoicing, bill pay and inventory management for an extra fee. The best online bookkeeping service should offer a wide range of bookkeeping solutions, including catch-up bookkeeping, invoicing, bill pay, bank reconciliation, payroll, and tax filing. Overall, both QuickBooks and Bench price their services on a subscription basis. With Bench, you’ll be able to choose between three plan options with monthly subscription prices. Bench also gives you the option to opt for an annual subscription and receive a discounted rate.

Bookkeeper360 User Reviews

Bookkeeping is a great starting point if you are interested in the field but not fully committed and want to test the waters. You may also be an ideal bookkeeping candidate if you want a good job with a respectable wage and decent security but may not be looking for a long-term career. Bookkeeping offers much lower barriers to entry, and the competition you face in the job search is less fierce.

• For those that don’t have a specific degree in accounting, finance degrees are often considered an adequate substitute.
• They allow you to outsource your bookkeeping and other financial tasks, combining the best of both worlds—the automation of accounting software and the guidance of a professional bookkeeper.
• Bench Accounting is best for freelancers and small businesses with basic bookkeeping needs, such as providing cash-basis financial statements for tax return preparation.
• If you are already a CPA, you can act as an enrolled agent without passing the exam.
• Bench takes the lead when we compare Bench and Bookkeeper.com because Bookkeeper.com doesn’t have a mobile app, whereas Bench has a full-featured one.
• So, when your income and expenses are correctly organized, it simply makes it easier to review your financial position and budget properly.