8/14/2019 Technical Reading II - Accounting 510

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Faculty of Accounting

English III Group 510 Technical reading II

Name: _______________________________ Code: __________ Date ______________

Hiring an Accounting Pro

Unless you are a numbers wiz or have a degree in accounting, you will need to employee the

services of a professional to set up your accounting system. To get a grasp on your small business

accounting and financials, should you hire a bookkeeper or an accountant?

Each start up situation is unique but generally most start ups can begin with bookkeeper. A

bookkeeper's services make sense for average start-ups with no plans on building an empire. The

bookkeeper will help you start off with a good record keeping system, handle financial

transactions, and produce financial statements.

Hiring an accountant makes sense for growing companies, businesses with more complex

business structures (such as limited liability companies) and when you add additional employees

to your company.

Initially, you may start your business part-time or at home to keep expenses low. The cost of an

accountant on a monthly basis can be too much for a one-person business. Either prepare the

books yourself or have a bookkeeper involved in the process. Use the accountant for your year-

end tax planning.

When you do plan to hire an accountant or bookkeeper, remember to find one you can trust and

build a solid relationship with because you need their advice and guidance in steering yourbusiness now and in the future.

Vocabulary:

Payroll: Nomina

Net pay: Salario neto

Management Accounting: Contabilidad gerencial

Invoice: Factura

Accounting system: Sistema Contable

Account number: Numero de cuentaRevenue: Ingreso, renta

Equity: Patrimonio Neto

Liability: Pasivo

Endorse: Endosar