#3316 new

Difference between Accounting and Bookkeeping

Reported by Rinki | November 23rd, 2021 @ 01:03 PM

There is a significant misconception among people that bookkeeping and accounting are one profession. They may seem similar from afar, but they are many striking differences between the two:

While bookkeeping is the foundation of a company, accounting uses the information provided by bookkeeping for preparing reports and statements related to finances.
Bookkeeping is just a segment of the accounting system, while accounting has a broader perspective.
Bookkeeping is the source of input for accounting, whereas accounting makes decisions and judgments based on that information.
Bookkeeping is a track record of all the financial activities and transactions in chronological order. Accounting aims at obtaining the financial strength and results of the operational activities of a business.

For more details: https://www.ascgroup.in/service/accounting-and-bookkeeping/

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