Bookkeeping involves the systematic recording of daily financial transactions, such as sales, purchases, receipts, and payments. It ensures that the business’s financial data is accurate and organized, serving as the foundation for accounting.
Accounting takes the recorded data from bookkeeping to analyze, interpret, and report on a business’s financial health. This includes preparing financial statements, performing financial analysis, tax filing, budgeting, and ensuring compliance with regulations.
In short, bookkeeping tracks the transactions, while accounting provides insights and decision-making support based on those records.
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