Bookkeeping and accounting are two functions that are very important for every company or organization. In the easy of terms, bookkeeping is responsible for the recording of financial deals whereas accounting is responsible for interpreting, analyzing, classifying, reporting, and summarizing the financial data.
Bookkeeping and accounting service may actually be the same profession to an untrained eye. This is because both accounting and bookkeeping transactions with financial data, require basic accounting knowledge, and generate reports using the financial transactions.
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