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Accounting vs Bookkeeping

1305 ratings | 171934 views
ARI - Cloud Based Accountants and Advisors http://www.arinet.us If you liked this video, let us know by leaving a comment. Subscribe to stay informed. Do you run a small business? Get our newsletter for even more helpful information: https://www.facebook.com/AlexanderRemingtonInternational/app_141428856257 Other ARI Sites Website - http://www.arinet.us Facebook - https://www.facebook.com/AlexanderRemingtonInternational YouTube - https://www.youtube.com/user/ARIAssociates Past Newsletters - http://archive.constantcontact.com/fs158/1112203023215/archive/1114103289141.html Thank you for watching!
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Text Comments (67)
Anaru Phillips (10 days ago)
question though, with the more availability of accounting software doing all the bookkeeping work, is there still hope for a bookkeeping career?
Absolutely! The role of the accounting professional has changed. With advanced AI and automatic workflows, bookkeepers are freed from being "the recorders of historical transactions". But who configures and sets up those workflows and AI? You. Great, you have the knowledge to set up a system to process transactions, create automated reports, and deliver dashboards of KPI graphs to your clients while you sleep (allowing you to charge much less than your competitors - who can do the same thing). But now your clients are asking "Why?". Your value to your clients is not processing transactions instantly and automatically, but what do they "do" with that information. Clients hire you to help them succeed in achieving their goals. Your new role is as an Advisor. You no longer charge your clients for the "time" it takes to process historical transactions, but for the "value" of the advice you give them from the information you process (automatically) and your depth of knowledge about business and accounting. If you have the knowledge and background to save your client $10,000 in taxes, or improve their bottom line by 20%, do you charge them $100 because it only took you 15 minutes to provide the advice? No! You charge them them a fair rate for the value of your knowledge and expertise.
Sa-Zaa-Ree-El Headley (18 days ago)
Wow. My teacher told me i should write accounts but my dumbass didnt listen...
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Uncle Hossam (1 month ago)
sending my greetings from Egypt Great video,sir
Thank You! We appreciate your comments.
Kim JungAh (1 month ago)
This is useful
Thank you! Check out our other videos and subscribe. We upload weekly.
Leigh Ann Thore (3 months ago)
Everyone please keep in mind that this video is not a step by step tutorial. This is an overview. He's giving you an insight into what each role plays in a business. If the video isn't clear or if you're still confused, then look into a step by step (in depth video) that will help you understand what you're specifically looking for. I've shown this video to students and its helped so I appreciate you putting the video out there for people to watch. Thanks
Thank you for adding your clarification, and thank you for sharing the video.
Katherine Andrades (3 months ago)
Thank You
Michael Paulin (3 months ago)
You're welcome! Please subscribe to our channel for notifications of new videos (we upload constantly).
Clarrisa B (4 months ago)
Very good and clear explanation and comparison of the two professions.Thank you !
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maheshkumar Kumar (5 months ago)
gooooooooooooooooooooooooooooooooooooooooooooooooooood to understand
maheshkumar Kumar (5 months ago)
gooooooooooooooooooooooooooooooooooooooooooooooooooood to understand
Abhishek Savant (6 months ago)
Speed it up to 1.25. Good video otherwise.
Thank you for your comment! We love input. I agree with you. I watch a lot of online content. I watch everything at 125% - 150% to save time.
Ryan B (7 months ago)
Your definitions are incorrect. More accurately, the totality of everything you described (with the possible exception of financial statement preparation) could be called "bookkeeping" and "bookkeeping" is part of the larger "accounting" body of knowledge. Further, bookkeepers are often allowed to prepare financial statements if done as part of their ongoing bookkeeping services.
Michael Paulin (7 months ago)
Thank you for your comment and clarification.
El Fizzel (7 months ago)
Im screwed
Eliseo Villafan (2 months ago)
Lol I feel you. Keep your head up though. If accounting is something you really want to do, then keep at it. It is a very tedious job, but if you have a strong reason why you want to do it, then you can enjoy it when you get the hang of it. I am barely learning about it and it feels like a lot to learn but I like math and keeping stuff organized so I think once I learn more I will really enjoy it
adjhsjdh 82 (4 months ago)
same
Meagan Woolstrum (5 months ago)
El Fizzel same
Franco Medina (7 months ago)
Ñwq Cg gg eh veré e v3geet eheeef. E gef g. F. EG. G.
oldtwins na (7 months ago)
CPA = license to steal. Go for CPA if this type of work interests you.
mg pg (1 month ago)
oldtwins na License to steal what exactly?
USA Allstar (7 months ago)
Useful information
Michael Paulin (7 months ago)
Thank you! Please subscribe for more (no spam).
roshan premasiri (8 months ago)
This video is very useful can i get video how to do book keeping by using accounting package
Tracy Bowen (9 months ago)
There are many kinds of "Accountants". Tax Accountants (and CPAs) do just that, your taxes. Management accountants handle the day-to-day activities of accounting. Advisory accountants (who may also be CPAs) advise you what your current numbers mean and help you plan for the future, either for business growth and/or tax and estate planning. Fund accountants manage accounting for non-profits and the like. Bookkeeping supports all accounting work and is, in fact, also accounting.
Thank you for your comment. You are correct. Bookkeepers perform accounting tasks, and accountants may perform bookkeeping tasks. The purpose of the video is to provide a general understanding of the different focus bookkeepers, accountants, and CPAs have when providing accounting services.
Upload - Paul (9 months ago)
Very well explained, thank you
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Marnesha Powell (9 months ago)
Thanks a lot Shawn. For weeks I've been trying to understand where to start but you've made it plain as day. Thanks again!
Kewho Min (10 months ago)
Great job distinguishing between the two. Thanks for sharing.
Thank you for your comment. And thank you for subscribing to our channel.
Kim Barnwell (1 year ago)
This is a cute and fun video. I did notice, however, that in your example of a purchase (beef), you are showing the debit and credit in reverse order (rule is debit on the left and credit on the right). The explanation is correct, it's the visual of showing it in reverse that may confuse a student of accounting.
JAT002 (1 month ago)
+Philip Walsh I believe was was meant by credit to suppliers was accounts payable which makes more sense for a $1000 purchase. I think the way he presented the debit was fine. I won't comment on the rest of your post.
Philip Walsh (1 month ago)
Well, not quite. It is disconcerting that credit and debit are reversed, left to right, in the video. Worse, the video is flat wrong about how double entry works. When you buy $1000 of beef, it's still an asset. "Supplies" is debited, "Cash" is credited. All that happens is that the form of the asset is changed. And let us not overlook the intrinsic sexism of this narrative, in which the female bookkeeper is shown to be the puppet of the smarter, more powerful (and male) accountant. The ideology of patriarchy may undergird this video, but the astonishing brilliance of double-entry bookkeeping rises above any distinction of gender or anything else. Love this modern world? Thank double entry accounting!
DILIGEN LLP (1 year ago)
Diligen Provides Bookkeeping services and Outsource Accounting services for better Price. For more details visit http://diligenllp.com
Cheska Donesa (1 year ago)
Thank you for the information, ARI. There are also other tools you can use. I am thinking of using Ledgersync.com since they offer 15% off for the first 3 months (if you guys are also interested, the promo code is "LS4ME"). It's basically a software that eliminates data entry since you can directly import your client's bank transactions and statements through their bank feed. The extra 2 hours for doing other tasks is really beneficial.
helpguide1 (1 year ago)
you are making this complicated for newbies...really a CPA is not needed if the bookkeeper is sharp...oh yeah in California you don't need to be a CPA to prepare taxes
Elaine Anderson (3 months ago)
Alexander Remington International Associates Inc, "ARI" I know people who have their CPAs and they don't possess a Masters degree in Accounting.
Thank you for commenting. You're right, ANYONE in any State can prepare tax returns (all you need to do is register with the IRS and get a PTIN). The point of the video is to draw the distinctions between the levels of service to expect from a bookkeeper, an accountant, and a CPA. From a required credentials perspective, there is no difference between a bookkeeper and an accountant. The difference is in the type of activities each performs. And you're right, to perform accounting activities, the individual needs to be "sharp". However, a CPA is very different. To become a CPA you must have a masters degree with a concentration in accounting, work for two years under the direct supervision of a CPA, and pass the CPA exam ( only 20% actually pass the exam, regardless of how many times they take it). Once becoming a CPA, you must take continuing education courses every year to maintain your license. A CPA is licensed by the State to practice accounting (like a doctor or lawyer is licensed to practice). As a CPA, there are services you can perform for clients, that a non-CPA cannot. If you are considering becoming a CPA, I applaud you. Being a CPA is a very satisfying career choice.
Kersten Daniels (1 year ago)
HA! Bookkeeping does all the work! I picked an excellent major!
Sherman (1 year ago)
thank you for the useful information
I'm glad our video was helpful. If you haven't already, please subscribe to our channel. We put the information out there. No strings, no spam. Just info.
Shou Aun Lim (1 year ago)
Neat. All this time I thought I was only doing bookkeeping. Then again it's called "Accoutning Principles".
tammy dwight (1 year ago)
so the accountant is over paid by a bookeeper
The order of pay (from highest to lowest) - CPA, Accountant, Bookkeeper
thank you for this!and i want to ask a question.Is being an accountant really hard?is it worth it? i still dont know what i want in the future and im thinking if i want to be an accountant someday.
Luke Compton (1 month ago)
You won't get anywhere until you work for yourself, multitask accounting with owning a business.
The Jackson (1 year ago)
Are bookkeeping and accounting limited to helping just small businesses or can they help with people too?
A financial planner is a good position if you want to work with individuals.
The Jackson (1 year ago)
Alexander Remington International Associates Inc, "ARI" Ok thanks and what about a financial planner, would that be more use for people and businesses?
Accountants and bookkeepers can help anyone, but very few individuals need a personal bookkeeper.
Biada Cuarto (1 year ago)
thanks 4 the info
Thank you. We appreciate your comment. We have hundreds of videos, and I hope you'll enjoy them as well. Let us know if there's a topic we haven't addressed.
Devanshi Verma (1 year ago)
thank u soo much..... u made me understand which i was unable to understand for long time
We are so glad to help! Let us know if there is anything else you would be interested in learning more about.
Saud Syed (1 year ago)
Very nice video ! thanks
Ami Bartlett (21 days ago)
Saud Syed uo
Ami Bartlett (21 days ago)
Saud Syed s
Glad you are enjoing it! Let us know if there are more topics that you would like to hear more about. We are always looking for feedback!
QuorynN (1 year ago)
Very clear. Thank you!
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