Comparison Between Accounting And Bookkeeping
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Some people fail to differentiate between bookkeeping and accounting. Bookkeeping is a much simpler process. It just involves recording business transactions.
Whereas accounting involves understanding, categorizing, examining, reporting and briefing financial data. Accounting plays a major role in evaluating the financial profitability of a business and also aids in future planning. Bookkeeping doesn’t play a significant role in the financial planning of a business.
Bookkeeping only requires basic knowledge of accounting whereas in order to perform accounting duties, you require at least a graduation degree in accounting. Bookkeeping is generally used by smaller business enterprises whereas accounting is used by large scale business organizations.