Difference between Data Entry, Bookkeeper and Accountant
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 |
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