Bookkeeping and Accounting
The book keeping is a record keeping practices that keeps the records of the financial transaction and it is a part of the accounting process. The accounting process mainly concentrates on the analysis and reporting of the financial data.
- The financial transaction analysis and their assignment for a specific account.
- Keeping an account of the credit and debit entries for accounts.
- The entries are posted to the accounts.
- Annually entry adjustment for every accounting period.
What are the key difference between the Book keeping and Accounting services?
The basic difference between the Book keeping and the accounting services are as follows-
- It requires high skill person to perform the accounting, whereas the simple clerk can simply execute the work of the book keeping.
- The base of accounting is the book keeping whereas the accounting is a very wide extended as compared to the book keeping.
- The accounting service mainly concentrates on the financial reports analysis and interpretation whereas the bookkeeping mainly concentrates on the concepts and conventions
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