Difference Between Booking Keeping And Accounting
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Bookkeeping is a part of accounting whereas accounting itself is a wider concept.
Difference between booking keeping and accounting. Keep reading this article is for you. If you want a quick definition here it is. Bookkeeping refers mainly to the record keeping aspects of accounting.
Bookkeeping means recording a business s finances and accounting means analyzing financial records. This involves extensive data input. Bookkeeping is keeping proper records of the financial transactions of an entity.
While both deal with financial transactions bookkeeping centers on the organization and recording of financial transactions. Recording financial transactions events. Bookkeeping and accounting are both essential to your small business.
It s essentially the process of recording all the information regarding the transactions and financial activities of a business. Want a longer explanation. Keep in mind that accounting is a much broader term than bookkeeping.
Accounting is recording measuring grouping summarizing evaluating and reporting of transactions of the entity which are in monetary terms.
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