Accounting Vs Bookkeeping
Accounting and bookkeeping both are the necessary process which to be taken up by any business firm. They both deal with financial data as their main nature. Even they both share common goals and have similarities between them, up to some extent. But still, they have a vast basis of differences among them. Although, the difference is very slight and it may become difficult for the person to differentiate who has a lack of knowledge between both of them. Many people still use these words interchangeably. They are still not sure about their exact differences. They both are involved in completing the business process for any business firm.
In a general sense, bookkeeping is just the process of recording and classifying the business's monetary transactions into the books of accounts in a chronic order. The bookkeeping process is responsible for recording the day-to-day business transactions and then classifying them as per their concerned accounts and making their accounts balanced.
• Single Entry System
• Double Entry System
Accounting is far more than just bookkeeping. Accounting involves summarizing of the recorded transactions and grouping them in a similar way and interpreting their results. Interpretation is done at the end of the completion of the whole accounting process and the recorded data is transformed into meaningful statements, which are a source of information for their users. These meaningful statements are called financial statements which are produced at the end of every financial year.
What do professional accountants and bookkeepers do?
You can also understand the difference between accounting and bookkeeping by key points of difference mentioned in the below image.
ACCOUNTING Vs BOOKKEEPING
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