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V O L . X X V N O. X X V I N OV E M B E R 1 1 , 2 0 1 9 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E alliance to maximize results and create long-lasting impact. Brann & Isaacson, a law firm in Lewiston, opened an office at 136 Commercial St. in Portland. Funding approved for MMA training vessel e U.S. Senate advanced a funding bill, authored by U.S. Sen. Susan Collins, R-Maine, that includes $300 million for the acquisition of a new training vessel for Maine Maritime Academy. Collins said the vessel would be "a critical train- ing asset" for the Castine-based academy, "capable of meeting the demands of the rigorous instruction students receive." e ship will be the third in the National Security Multi-Mission Vessel Program, which is replacing the aging fleet of training ships with purpose-built modern vessels. e academy's cur- rent ship, the TS State of Maine, is almost 30 years old. Q: What's the difference between a bookkeeper and an accountant? ACE advises: People often use "bookkeeper" and "accountant" to mean roughly the same thing. Both are people who deal with company finances. But, for busi- nesses and nonprofits, the differences are significant. Whether you need to fill one or both roles depends on which tasks you need performed. You need a bookkeeper if: The job is literally to keep the books, recording all the money flowing into and out of the organization. Among other tasks, they: Identify and record every financial transaction Post debits and credits Produce invoices Maintain and balance accounts Complete payroll These days, most organizations use specialized bookkeeping software to maintain the general ledger (the document where receipts from transactions are posted), but you may well need a professional to ensure the software is used correctly. Bookkeepers should have specific training, but a bachelor's degree is not a requirement. You need an accountant if: The need is for a higher-level process than book- keeping that requires highly specialized training and continuing education to stay abreast of changing requirements. Among other common tasks, accountants: Summarize, interpret and communicate financial transactions Prepare financial statements Analyze operational costs Complete income tax returns Offers opinions on financial strategy to leadership Accountants may specialize in tax preparation, auditing, or other areas, and they typically have a bachelor's degree in accounting or another finance-related field. Some have advanced degrees or certifications, including Certified Public Accountants (CPAs), which signify professional experience and expertise. A S K AC E A n s w e r e d b y D e a n M i c h a u d , P r e s i d e n t , M i c h a u d A c c o u n t i n g S o l u t i o n s The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Dean Michaud is president of Michaud Accounting Solutions michaudaccountingsolutions.com We specialize in helping Maine and New Hampshire businesses grow, with loans of all types, generated through our local credit union partners. And because we're not a bank, we're able to off er better terms and greater fl exibility. Our streamlined process will get you the money you need in a timely way. Whether you're looking to borrow $50,000 or $20,000,000, come in and talk to us fi rst. 866.736.2804 | mainebls.com Our local lending team is focused on you. EQUIPMENT LOANS COMMERCIAL REAL ESTATE LOANS BUSINESS EXPANSION LOANS Al Moroney VP of Lending Mid Coast Are you tired of working with a virtual lender? M I D C O A S T & D O W N E A S T

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