Differences between Bookkeeping and Accounting

DIFFERENCE BETWEEN BOOKKEEPING VS ACCOUNTING Вookkeeping Accounting Accounting is the process of summarizing,interpreting, and communicating financial transactions which were classified in the ledger account Bookkeeping is mainly related to identifying, Definition measuring, and recording, financial transactions Decision Management can't take a decision based Depending on the data provided by the accountants, Making on the data provided by bookkeeping the management can take critical business decisions The objective of bookkeeping is to keep the records of all financial transactions proper The objective of accounting is to gauge the financial Objective situation and further communicate the information to and systematic the relevant authorities Preparation of Financial Financial statements are not prepared as a part of this process Financial statements are prepared during the accounting process Statements Skills Accounting requires special skills due to its analytical and complex nature Bookkeeping doesn't require any special skill sets Required Accounting uses bookkeeping information to analyze and interpret the data and then compiles it into reports The process of bookkeeping does not Analysis require any analysis Турes Basically there are two types of bookkeeping - Single entry and double entry bookkeeping The accounting department does preparations of a company's budgets and plans loan proposals Bookkeepers and Bookkeepers are required to be accurate in their work and knowledgeable about financial topics. Bookkeepers work is usually overseen by Accountants with sufficient experience and education can obtain the title of Certified Public Accountants Accountant (CPA) an accountant www.myaccountsconsultant.com MC accou[email protected] +1 (877) 761-9996 MY ACCOUNTS CONSULTANT