Difference Between Bookkeeping and Accounting

Every business needs to have a bookkeeping and accounting process to prepare the financial records at the end of a year/quarter. In addition, bookkeeping and accounting help the business evaluate its worth and take future decisions.

 

Bookkeeping – Bookkeeping is the process of maintaining and recording all financial transactions in the original books of entry of a business.

Accounting – Accounting is the process of interpreting, analyzing, summarizing, and reporting the financial transactions of a business. The financial statements prepared in accounting are a precise summary of financial transactions over an accounting period. 

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Recording financial transactions > Posting debits and credits A > Producing invoices, Completing payroll > Maintaining and balancing subsidiaries’ general ledgers, and historical accounts VS ACCOUNTING:- SG Preparing adjusting entries « Preparing company financial statements « Analyzing costs, of operations, Completing « income tax returns. Aiding the business owner, in understanding « the impact of financial decision « 3 @ www teqoaccounting com +1 (778) 886-0508 @"> Business