What Is the Difference Between Accounting and Bookkeeping?

Bookkeeping is mainly concerned with the day-to-day processes of recording transactions that occur like bank reconciliation, payments, receipts, and invoices. Accounting takes this money information a step further by analyzing and interpreting the money information. Recorded data is utilized by accountants for preparing financial statements, measuring performance, computing obligations, supporting compliance, and aiding businesses in making strategic financial decisions.

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