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 your
business 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 cuenta
Revenue: Ingreso, renta
Equity: Patrimonio Neto
Liability: Pasivo
Endorse: Endosar