Bookkeeping and accounting are two functions that are extremely important for every business organization. Many people use these two terms interchangeably thinking they mean the same. Actually, they are not; there is a slight difference between both of them. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. This makes accounting and Bookkeeping Services for Small Businesses as well as large businesses very crucial and beneficial Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. What is the role of
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