Accounting and bookkeeping are essential functions for any business, regardless of its size or industry. These two services help a business keep track of its financial transactions and ensure that all financial records are accurate and up-to-date. In this blog, we’ll explore the importance of accounting and bookkeeping services for businesses.

What is Accounting?

Accounting involves the process of recording, classifying, and summarizing financial transactions to create financial statements such as income statements, balance sheets, and cash flow statements. The financial statements provide a comprehensive view of a company’s financial health and performance, which helps in making informed business decisions.

What is Bookkeeping?

Bookkeeping is the process of recording daily financial transactions such as sales, purchases, payments, and receipts. Bookkeeping involves recording all financial transactions in a systematic manner using various tools such as accounting software, spreadsheets, or manually in a ledger book.