It's all too easy to pay too much tax, miscalculate your figures, or inadvertently leave out important information if you haven't received proper training. Miscalculating your obligations can even end up hitting you in the pocket hard.

Bookkeeping fraud (also referred to as accounting fraud) refers to types of fraud committed by officers, accountants, and other employees that manipulate company finances and records to achieve some kind of personal gain.

Zoho Books is our top QuickBooks alternative because of its scalability and mobile app functionality. Wave is second on our list as it has a free plan that provides sufficient support for businesses with basic bookkeeping needs.

"A bookkeeper records the financial transactions of an organization and takes care of day-to-day functions such as recording sales and invoices, paying bills and processing payroll," Stephens said. "Accountants take the financial data and analyze it to help organizations make financial decisions."