Bookkeepers and accountants sometimes do the same work, but have a different skill set. In general, a bookkeeper's role is to record transactions and keep you financially organized, while accountants provide consultation, analysis, and are more qualified to advise on tax matters.

Bookkeeping traditionally refers to the day-to-day upkeep of a business's financial records. Bookkeepers used to simply gather and quality-check the information from which accounts were prepared. But their role has expanded over time, and we'll look at how in the next chapter.

Bookkeeping involves the recording, on a regular basis, of a company's financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions. Bookkeepers are individuals who manage all financial data for companies.

How Much Time Accounting Takes. On average, small businesses that suit our client base usually take between 10-15 hours of bookkeeping each month. If they also handle their billing in-house, it can take up to 25 hours per month.