April 23, 2019 Pat Mannix

Don’t Let Your Accountant Keep Your Books

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

It is one of our strong beliefs at Paris Financial that bookkeeping should be left to bookkeepers and not a job undertaken by accountants.

Check out a video I did on this hotly debated topic.

AccountantsDaily recently published an article on the subject too, agreeing that accountants fail to understand the diligence required in bookkeeping.

In the article, bookkeeper, Lielette Calleja, mentions:

  • “The people that are worse off are the clients because accountants are not focused on a business’ processes, they are only focused on the numbers and what they think is an automated data service role.”
  • “Bookkeepers tend to work a lot closer with the clients on their business, on their process; how can we do things better and faster?  Whereas I don’t think accountants are equipped in that space.”

And it’s all true. Clients might want a one-stop destination for both accounting and bookkeeping services, but this will not provide the best outcome.

Accountants have an entirely different skillset and cannot adequately complete a service that requires a dedicated specialist team.

The Tax Act is voluminous, and so your Accountant is hard pressed keeping abreast of our ever-changing and complex tax laws.

The bottom line is: accountants who try to sell you bookkeeping services are just attempting to get more of your money.

It’s simple folks… keep the two services separate.

Leave your accounting work to the accounting professionals, and your bookkeeping work to the bookkeepers.

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

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