What is Bookkeeping? Difference of Accounting and Bookkeeping
Before we start comparing the Accounting and Bookkeeping. We must have to learn more about both Business terms. Without knowing the background and history of these terms, we will not able to conclude the difference between Accounting and Bookkeeping. First, we will learn the answer to the question What is Accounting? and then we will go and answer the question, What is Bookkeeping? Finally, this article settles the differences between the two.
What is Accounting?
Basically, Accounting is the process of recording Financial Transactions, storing, sorting, retrieving, summarizing it for financial purpose. Accounting also provides Financial reports to the Business owners to make the decision about the future activities of the business. In other words, we can say that Accounting is the broader term from Bookkeeping.
What is Bookkeeping?
Bookkeeping is just recording of the financial transactions of any company activities. In other words, we can say, bookkeeping is the recording of money that has been spent on expenses and received from customers against the sale of products or services.
If you are going to hire a Bookkeeper for Accounting and Bookkeeping Services, you need to learn more about it so that you can ask relevant questions about both Financial Terms.
Accounting vs Bookkeeping
After understanding the difference between Accounting and Bookkeeping. The Business owner should learn more about the credentials that the individual have so he can choose properly between the Bookkeeper and Accountant when he is going to assign the task for his books.
As a final tip, it is better to get the services of independent accountants and bookkeepers. It is necessary that the business owner should be able to compare the results of the two professionals and he should get the same results as he expects it to be.
Get Accounting and Bookkeeping services from us and you will get a better service than what you already have.