Source: Small Business Trends | Repost QBScott 6/22/2022 –
Small businesses need to ask important questions, such as ‘What is the difference between bookkeeping and accounting?’ The bottom line is both are needed to corral financial records and understand them. Critical financial decisions get made based on the different approaches. And the results from accounting and bookkeeping efforts blend together to make your business more efficient.
Bookkeeping Vs. Accounting
Bookkeepers handle recording and maintaining financial information. Recording daily transactions is part of what the bookkeeping team does. They handle the day-to-day business activities.
Accounting is about generating reports. They take on summarizing, analyzing, and interpreting the bookkeeper’s work. Accountants cover financial topics like cash flows. Accounting supplies a better understanding of the raw data supplied by bookkeeping.
How Does a Bookkeeper Manage Financial Transactions?
A bookkeeper is responsible for corralling financial data. Here’s a list of five things a bookkeeping service should include.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale