Accounting Vs. Bookkeeping
I am often asked the difference between Accounting and Bookkeeping. Here is a clear and concise response to this pressing question.
Bookkeeping: is the tedious part of the financial affairs of the business. This is where we will accurately record the amount, date, and source of each financial transaction in accordance with generally acceptable accounting standards.
Accounting: involves the 'bigger picture'. This is where we take the information that is obtained through the bookkeeping process and use that information to help business owners and nonprofit managers:
1. Assess the status of their operations, and
2. Make critical decisions about the direction of their organizations.
The descriptions described above are just “brief summaries” to help explain the role we can play in your organization. We can get as detailed as you need by taking on all of your bookkeeping duties. OR we can take the information that you have already captured (through your internal bookkeeping process), review it for accuracy, reclassify it as needed, generate appropriate reports, and work with you to analyze these reports so that you can effectively run your operation.
Please check in on my blog periodically for helpful business related tidbits.
In the meantime, be well and prosper!
Angeline
Client Portal