Difference between Accounting and Bookkeeping

This is edited for testing Gatsby deploy and preview. For a business operation to run smoothly, it requires a backbone of accounting and bookkeeping. Business size doesn’t matter, the importance of Accounting and Bookkeeping Services for startups, Micro, Small and Medium Enterprises (MSMEs) and also corporations remains never-changing. Accounting and bookkeeping are essential aspects that all businesses should abide by.

Many businesses fail due to improperly managed accounts and financial management.

Accounting is a process to keep a track of business’ financial status. It starts with the process of bookkeeping and finishes with reporting data and information as a financial statement at the end of every financial year.

Bookkeeping is a crucial first step in the accounting process. Bookkeeping is the task of timely recording all business transactions — amounts, dates, and sources of all business revenue, gain, expense, and loss transactions.

Bookkeepers lay the groundwork for the accountants by recording the financial transactions such as maintaining the general ledger, tracking income and expenses, managing bank reconciliations, managing accounts receivable and payable, providing financial statements and completing payroll. Accuracy is therefore vital to the process.

AccountablePH provides bookkeeping services for your businesses:

We pride ourselves on our team of Certified Public Accountants, Certified Bookkeepers, Transfer Pricing Analyst, Xero-Certified Advisers, and Xero-Certified Payroll Specialists.