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Accounting and bookkeeping are two different functions that are important for each business association. Bookkeeping is responsible for the recording of financial records and transaction.
Whereas accounting is to blame for decoding, classifying, analyzing, reporting, and summarizing the monetary information Accounting and bookkeeping may seem, by all accounts, to be a similar calling to an untrained eye. Both bookkeeping and accounting manage budgetary information, require fundamental bookkeeping learning, and characterize and create reports utilizing the money related exchanges. Bookkeeping: The process of complete and systematic record keeping of the financial transactions of a corporation by the bookkeeper is known as bookkeeping. It is the activity of keeping full documentation of each single money group action of the entity to make a base for the accounting method. The aim of bookkeeping is to disclose the proper image of financial gain and expenditure at the top of the accounting amount. Accounting: Accounting is solely a business language that provides data regarding the money standing of the organization. it's an entire procedure that starts from the recording of transactions and ends on reportage of the money statements at the end of the financial year Read this article to understand the major differences between Bookkeeping and Accounting. https://reliablebookkeepingservices.com.au/bookkeeping-vs-accounting/
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