What is the Difference B/W Bookkeeping and Accounting?
Bookkeeping involves recording each transaction for a business while accounting is more about looking at all those transactions to find trends that can be used to help a company. More specifically, bookkeeping is done with paper records, while accounting requires software programs. Bookkeepers record each transaction in a company’s financial . Accounting is more subjective, giving you insights into your business’s financial health based on bookkeeping information. Accounting and bookkeeping are two related fields with some differences in functionalities. Understanding these differences is important because the roles of accountants and bookkeepers differ based on their respective skill sets, expertise, knowledge base or background experiences (e.g., accounting vs finance). In this guide, we will explain the functional differences between accounting and bookkeeping . We will also discuss the distinct roles of a bookkeeper versus an accountant. The function of bookkeeping The role...