Accounting – careful and very attentive work. The quality of work in this field is extremely important, and finding a good specialist takes a long time. Managers of some companies choose to hire an internal specialist, while others choose to entrust the accounting to a company providing accounting services. Some companies may need to have both an internal and an external specialist. Just how to know - CFO (chief financial officer), accountant, or bookkeeper? All these specialists have different knowledge, responsibilities and duties, although it may seem that their work is very similar - with the financial and statistical data of the company. In order for all company processes to run smoothly and expectations to be controlled, it is important to choose the right specialists to perform certain tasks.
The role of CFO is most often found in mid-sized and larger companies. The responsibilities of the Chief Financial Officer include: financial planning and analysis of the company, budgeting, checking and supervision of income and expenditure balance, financing coordination and close cooperation with the management team. Often this person is the bridge between the accountants and the company's management, who has the best understanding of the company's financial condition. The role of the CFO in smaller companies can be partially replaced by smart business management or accounting platforms such as RoboLabs. Easy-to-understand, intuitive reports and cost, income, and budgeting tools prepared in the RoboLabs system make it easier to understand financial indicators and make correct, calculated business management decisions.
Accountants - persons responsible for accounting. Although their duties seem to define their responsibilities, it is very important for the company director to understand that he is also responsible for accounting (about this in our next article soon). For this reason, it is very important to have a professional accountant, not an accountant-administrator-warehouse employee-jack-of-all-trades. Accountants perform all the black work that requires a lot of knowledge - calculating taxes and preparing tax returns, approving and maintaining financial records and preparing reports to ensure their accuracy. In addition to all this, accountants are also responsible for the calculation and payment of wages. And all this - in compliance with relevant legal acts, for which the accountant is also responsible for the constant monitoring of changes. When there is only one accountant in the company, there are many challenges in ensuring high quality due to human factors - illness, vacation, not having an expert colleague nearby when you need to consult, missing important information, all the know-how in one head and others. As a result, accounting services companies are a common choice, bringing more stability to the financial sphere.
A bookkeeper can perform many functions, but most of them are less skilled (and some are not skilled at all) in various support jobs for an accountant, such as checking accounts, and entering into a system. These jobs are performed by a robot in RoboLabs, i.e. system of artificial intelligence. This frees up the hands of our accountants, who, having previously worked in other companies, often performed these accountant jobs themselves. Bookkeepers aspiring to become accountants also perform some of the functions of an accountant, such as bank closing or debt reconciliation. However, it is important to understand that a bookkeeper is not the same as an accountant, so you shouldn't expect the same expertise.
When developing RoboLabs, we made sure that all three of these positions were covered as much as possible. RoboLabs accounting services fully include the accountant function. However, in larger companies, it may be necessary to have an accountant (especially for companies with a warehouse) or a CFO. By entrusting their bookkeeping to RoboLabs, companies are entrusting it to the hands of professionals - our accountants have experience with not one but dozens of companies, so their professional knowledge is much larger.