![]() Without bookkeeping, accountants would be unable to successfully provide business owners with the insight they need to make informed financial decisions. Reviewing and analyzing financial statements.Accounting, on the other hand, utilizes data from bookkeepers and is much more subjective. Unlike accounting, bookkeeping zeroes in on the administrative side of a business’s financial past and present. Posting debits and credits to a journal.Accounting is the umbrella term for all processes related to recording a business’s financial transactions, whereas bookkeeping is an integral part of the accounting process. While it may be easy to confuse the two, they are not the same thing. Should I do my own bookkeeping? 2 questions to ask yourself firstĪt first glance, bookkeeping and accounting may seem interchangeable. Keep your personal and business finances separate. ![]()
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