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Bookkeeping and accounting are the two most important processes which are very important for every business group. Bookkeeping is used in a business to record financial transactions whereas accounting is used to interpret, classify, analyze, report, and summarize the financial data. Though bookkeeping and accounting seem to be similar, there is a thin line to differentiate between them.
Bookkeeping is the system of recording and maintaining all financial transactions chronologically in a systematic way in the original books of entry of a business. All the financial transactions including the payment of taxes, loans, sales revenue, payroll interest income, and other operational expenses, investments, etc. are maintained in the original books of accounts.
Accounting is the system of understanding, examining, reporting, and summarizing the financial transactions of a business organization. Accounting means compiling and maintaining the records of the daily transactions of a company into financial statements like balance sheets, income statements, and statements of cash flows.
Difference between Bookkeeping and Accounting
Though bookkeeping and accounting seem to be similar because both deals will financial data, there are some differences which are as follows:
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