What is Accounting & Bookkeeping?

Accounting and bookkeeping are closely related fields that involve the recording, organizing, and analysis of financial transactions and information for businesses and organizations. While they share some similarities, there are distinct differences between the two.

• Bookkeeping refers to the process of recording financial transactions systematically. It involves tasks such as maintaining accurate and detailed records of financial activities, including sales, purchases, receipts, and payments
• Accounting, on the other hand, goes beyond bookkeeping and involves the interpretation and analysis of financial information. It includes tasks such as creating financial statements (e.g., income statements, balance sheets, and cash flow statements), performing financial analysis and forecasting, managing budgets, conducting audits, and ensuring compliance with financial regulations.