Accounting and bookkeeping

Accounting consists of planning, bookkeeping, accounting control, accounting analysis and accounting reporting. As you can see, bookkeeping is only one segment of accounting. This means that accounting is a larger field, while bookkeeping deals only with certain activities.

Bookkeeping is more transactional and administrative, it deals with recording financial transactions. Accounting is more subjective and gives you insight into the financial condition of your business based on accounting information.

Bookkeeping is the process of recording daily transactions in a consistent manner and is a key component for gathering the financial information needed to run a successful business.

Bookkeeping consists of:

• Recording of financial transactions
• Debit and credit postings
• Creation of invoices
• Preparation of financial statements (balance sheet, cash flow statement and income statement)
• Maintenance and balancing of branches, general ledgers and historical accounts
• Payroll processing

Accounting is a process that uses financial data compiled by an accountant or business owner to create financial models.

The accounting process is more subjective than bookkeeping, which is mostly transactional.

Accounting consists of:

• Accounting controls
• Accounting planning
• Overview of the company’s financial statements
• Analyzing business costs
• Completing tax returns
• Helping the business owner understand the impact of financial decisions

Contact and cooperation

Contact us for any questions and assistance regarding accounting and bookkeeping services and procedures. We have a professional team that can fulfill all your needs and requirements. Call us on our phone numbers or write us an email.