Leading accountant Pauline Ho founder of Orlando’s Laus Consulting Services LLC in Orlando, FL explains the popular myth about bookkeeping when it comes to small business accounting. For more information please visit https://lausconsult.com
Orlando, Florida, United States - June 29, 2023 —
In a recent interview, Pauline Ho, head accountant at Laus Consulting in Orlando, FL, debunked one popular myth about bookkeeping when it comes to small business accounting.
For more information please visit https://lausconsult.com
When asked to comment, she said, "One of the biggest misconceptions that small business owners have about accounting is that bookkeepers can function as the chief financial officer. Both positions play massively different roles in the running of a small business. Here's everything you need to know."
Ho mentioned that it's essential to know what bookkeepers can and cannot do for a small business.
"The thing here to keep in mind is that bookkeepers have their limitations. The truth of the matter is that most bookkeepers aren't always able to provide the financial assistance that small businesses really need."
According to Ho, the majority of bookkeepers are able to record basic business transactions, reconcile accounts, and do clerical functions. These functions include paying bills, sending invoices to customers, and payroll.
"Outside of these roles, there's not much that a bookkeeper should do in managing the finances of a small business. Relying on a bookkeeper for other tasks could be detrimental for the future of your business," she added.
When asked to provide some examples, Ho said, "The tasks that most bookkeepers are not adequately trained to do include setting up accounting systems, creating and managing a budget, interpreting financial results, providing business advice, and preparing financial reports that are based on accounting principles."
Ho was quick to add that bookkeepers still play a vital aspect in everyday operations of a small business – with the oversight of a seasoned CFO or accountant.
"More often than not, bookkeepers simply haven't received the same education as a qualified accountant. Because they don't have formal training, many never learned correct bookkeeping practices. Even when you do employ a bookkeeper at your business, make sure they are working closely with a CFO or accountant," she added.
With all this in mind, Ho pointed out, hiring a qualified accountant or CFO can both help a new or growing business set up shop and get a decent handle on the business' finances.
"If you've found that your bookkeeper is handling all if not most of the business' finances, then the best thing to do is to bring more qualified professionals on board to ensure that your back office is set up and everything operates smoothly," she said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com
Release ID: 89101119
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