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Accounting vs. Bookkeeping: Comparison of Professions
If I were going to consider a career in accounting, I would choose the nonprofit sector. Nonprofits, especially big ones, need to hire professional accountants to manage their finances. It is a way to avoid fraudulent activities and keep track of cash flows. I am particularly interested in nonprofit accounting because I will have an opportunity to make an impact. These organizations have trouble finding skilled accounting professionals who also share their vision and goals. Furthermore, it is an opportunity to solve extraordinary problems as there are unique sets of laws applicable to a nonprofit domain. Finally, I will be able to develop strong budgeting abilities and communication skills. Nonprofit associations manage donations and grants that come from companies and governmental agencies. Accountants have to carefully report to the public how an organization is handling its financial resources.
Even though accounting and bookkeeping operate in the same field, they are distinct from each other. First of all, accounting requires earning a bachelors degree and getting a certified public accountant (CPA) license. Accountants have to take educational courses to maintain their CPA certificate. Bookkeeping is a less regulated domain and implies only voluntary certification. As a result, bookkeepers charge 35-80 $ per hour, whereas accountants get 150-400 $ per hour depending on the needs of a business. However, the core difference is the type of tasks these professionals perform.
Bookkeepers are in charge of daily assignments such as basic data entry and the organization of bank transactions. They categorize expenses and create financial statements every month or more frequently if requested by clients. In addition, bookkeeping entails paying bills, making deposits, and reconciling bank accounts. In contrast, an accountants goal is to verify a companys compliance with tax regulations. They analyze financial data and prepare tax reports as well as recommendations for business owners. Finally, accounting managers control the setup of the bookkeeping process and give instructions. It is a common practice for bookkeepers and accountants to work together.
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