bookkeeping and accounting
are closely linked, yet they perform distinctly different functions. Bookkeeping consists of keeping records on a daily basis of financial transactions including sales, purchases, receipts, and payments. It's the beginning of the accounting process. Bookkeeping, on the other hand, involves the process of recording business financial data for accounting, which involves interpreting, classifying, analyzing, and reporting the data. Accountants use this data to prepare financial statements and give strategic financial advice. Bookkeepers care about accuracy and consistency, whereas accountants care about insights and compliance.
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