There is often a misconception that data entry, bookkeeping and accounting are the same disciplines. The chart below identifies the different duties of these 3 roles. And at TWO DOTS, we are bookkeepers helping our clients and professionals fulfil their requirements.

Setup

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Appropriate accounting software set up

Yes

Yes

Data file and account list

Yes

Correct links, preferences and tax codes

Yes

Cards and inventory items for efficient use

Yes

Opening balances for accounts, debtors etc

Yes

Enter Transactions

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Bills and invoices

Yes

Yes

Recurring transactions and other shortcuts

Yes

Receipts and payments

Yes

Yes

Make electronic payments

Yes

Reconcile creditors

Yes

Follow procedural checks

Yes

Yes

Checks, reconciliations and end of year processes

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Reconcile reports with BAS returns

Yes

Yes

Check accuracy of all reports

Yes

Follow up unreconciled transactions

Yes

Organise and perform system back ups

Yes

Reconcile bank and credit card accounts

Yes

Run company data auditor and fix problems

Yes

Set up users with passwords and audit trails

Yes

Roll over data file for financial and payroll years

Yes

Payroll

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Set up payroll categories and accounts

Yes

Set up employee cards

Yes

Enter/import time sheets

Yes

Apply payroll legislative requirements

Yes

Process pay, adjustments, leave etc

Yes

Keep track of outstanding entitlements/leave

Yes

Reconcile payment summaries

Yes

End of year payroll rollover and tax table updates

Yes

Other

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Get support from professional advisors

Yes

Yes

Assist with profit and loss cash flow budgets

Yes

Yes

Suggest cost control measures

Yes

Yes

Assist with stock takes

Yes

Customise invoices, statements and cheques

Yes

Keep legislative and industry knowledge up to date

Yes

Yes

Sort out problems and offer record keeping solutions

Yes

Set up procedural checklists and train your staff

Yes

Visit premises regularly

Yes

Yes

Legal, tax and management

Data Entry

Bookkeeper (TWO DOTS)

Accountant

Set up appropriate legal structures

Yes

Legally prepare BAS returns

Yes

Yes

Calculate depreciation and interest expenses

Yes

Annual tax returns and tax planning

Yes

Fringe benefits tax returns

Yes

ASIC returns

Yes

Management advice

Yes