![]() The purpose of bookkeeping is to maintain a systematic record of financial activities and transactions chronologically. The result of accounting is preparing financial statements for making informed decisions and judgments. The result of the bookkeeping process is providing input for accounting. Differences Between Bookkeeping and Accountingįollowing are the differences between bookkeeping and accounting:īookkeeping is a foundation/base of accounting.Īccounting uses the information provided by bookkeeping to prepare financial reports and statements.īookkeeping is one segment of the whole accounting system.Īccounting starts where the bookkeeping ends and has a broader scope than bookkeeping. The financial statements help to assess the performance of a company by all stakeholders. The accountant maintains and compiles the records of a company’s daily transactions into financial statements such as the income statement, statement of cash flows and balance sheet. It helps businesses to maintain timely and accurate records of their finances. These statements summarise a company’s financial position, operations, and cash flows.Īccounting consolidates financial information to make it understandable and clear for all stakeholders. The financial statements prepared in accounting are a precise summary of financial transactions over an accounting period. AccountingĪccounting is the process of interpreting, analysing, summarising and reporting the financial transactions of a business. The accuracy of bookkeeping determines the accuracy of the accounting process followed by a business. ![]() The books of account need to be up-to-date as it is the basis for accounting. All the financial transactions such as payment of taxes, sales revenue, loans, interest income, payroll and other operational expenses, investments, etc., are recorded in the original books of accounts. The bookkeepers maintain and record the books of accounts. The bookkeeping process involves summarising and organising all the company’s financial transactions chronologically in a systematic manner.īookkeeping focuses on the day-to-day financial activities and transactions of a business. ![]() It is our goal to provide you with the professional experience and excellent customer service needed for you and your business to be successful.Bookkeeping is the process of maintaining and recording all financial transactions in the original books of entry of a business. ![]() Orange County Bookkeeping provides a full range of bookkeeping and accounting services, QuickBooks training, and business tax services to businesses and business owners.Īs a division of BCH Consulting, a successful Certified Public Accounting firm, Orange County Bookkeeping maintains the credibility and expertise of a licensed accounting firm at the cost effective rates of a bookkeeping service. ![]() Finally, I have a simple solution for all my business accounting needs. I had been struggling with other bookkeeping services for years. Orange County Bookkeeping is a full-service bookkeeping and accounting firm providing the full range of bookkeeping and accounting services, QuickBooks training and business tax services to businesses and business owners. ![]()
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