Accounting and Bookkeeping are two major financial functions that are extremely important for any business organization. In the simplest of simple terms, we can define bookkeeping as the recording of financial transactions whereas accounting gives you a clearer picture of interpreting, analysing,
classifying, reporting and summarizing of financial data.Let’s understand the functional difference between bookkeeping and accounting.
classifying, reporting and summarizing of financial data.Let’s understand the functional difference between bookkeeping and accounting.
What Are The Differences Between Bookkeeping And Accounting?
Accounting and Bookkeeping are two major
financial functions that are extremely important for any business organization.
In the simplest of simple terms, we can define bookkeeping as the recording of
financial transactions whereas accounting gives you a clearer picture of
interpreting, analysing, classifying, reporting and summarizing of financial
data. At the same time,
bookkeeping and accounting are inherently different and have their own set of
characteristics and advantages.Let’s understand the functional difference between bookkeeping and accounting.
