What’s the difference between payroll and bookkeeping? These two terms are used interchangeably often. They are not the same. However, the responsibilities of payroll bookkeepers are somewhat similar to accountants.
Payroll accounting is basically the financial calculation, recording, management, and analysis of employees in an organization. In addition to these, payroll accounting also includes the recording and analysis of benefits and tax deductions. The calculation of payroll basically is influenced by a country’s legal requirements.
Now, without much further ado, we are going to shed some light on these two terms- “payroll and bookkeeping”.
What Is Payroll?
Technically, payroll is a company’s list of employees. This is the department that deals with the calculation of employees’ paychecks. A person responsible for the payroll duty generally handles these types of tasks-
· Calculation and distribution of paychecks to the company’s employees
· Creating and keeping financial records of a company’s employees- salaries, wages, bonuses, salary deductions, etc.
· The record of the financial transactions made for the company’s employees.
In order to handle the payroll job well, the responsible individual will have to aware of some particular & important information-
· The structure of salary and wage
· The structure of overtime pay
· Benefits
· Time off of employees
Although the payroll program can be handled in multiple ways, most organizations use an experienced bookkeeper for the job.
What Is Bookkeeping?
Bookkeeping involves recording, storing, and retrieving all types of information related to the financial transactions of an organization. A bookkeeper is responsible for duties like-
· Keeping tracks of bank statements of a business
· Preparing balance sheets
· Paying the suppliers
· Processing the payroll of the company’s employees
· Auditing
· Tax planning
· Documenting
· Financial reporting
· Invoice recording
· Profit & loss statement
· Creating financial reports
Would you rather handle the payroll job all by yourself or hire a bookkeeper? The smart answer would be hiring a payroll bookkeeper in Adelaide or anywhere your business located.
In order to handle this job, it’s important to hire an experienced, trained, and skilled bookkeeper. The expert should know how to execute the process well. After all, it’s about a company’s financial track records & transactions.
Why You Should Consider Hiring A Payroll Bookkeeper For Your Business?
· You can easily eliminate unnecessary hassles by letting the bookkeeper handle the job
· Hiring an expert allows you to focus on primary activities
· Professional bookkeeping services help handle the financial transactions successfully without making errors
· It ensures consistency
· This furthermore ensures privacy, allowing you to have complete peace of mind
· A bookkeeper can provide you a cost-cutting strategy that can probably help your business in the long run
Hiring A Professional Payroll Bookkeeper
Are you looking for payroll bookkeepers in Adelaide? NB Accountants is the right firm for you. We have the expertise and experience to handle any bookkeeping job. You can absolutely count on us when it comes to bookkeeping services.
We will be happy to help grow your business with our services. NB Accountants has highly experienced financial leaders who are capable of handling any bookkeeping job. Do not hesitate to reach out to us whenever you need our assistance. We would love to be a part of your business!
