{"id":250387,"date":"2023-04-04T06:41:19","date_gmt":"2023-04-04T06:41:19","guid":{"rendered":"https:\/\/imarticus.org\/?p=250387"},"modified":"2023-07-19T12:02:33","modified_gmt":"2023-07-19T12:02:33","slug":"bookeeping-v-s-accounting-whats-the-difference","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/bookeeping-v-s-accounting-whats-the-difference\/","title":{"rendered":"Bookeeping v\/s Accounting: What’s the Difference?"},"content":{"rendered":"

The finance and accounting domain is burgeoning with new career paths as technology and newer trends keep popping up. Used interchangeably, accounting and bookkeeping are two popular terms the financial industry lives by.\u00a0<\/span><\/p>\n

Accounting, as widely known, refers to analysing, interpreting, classifying, reporting and summarising a business\u2019s financial data. Bookkeeping is limited to recording financial transactions. The two concepts are fundamentally different, each requiring a different skill set. For instance, an aspiring accountant may need to sit for the <\/span>CMA exam<\/a><\/strong>,<\/span> which isn\u2019t necessary for a bookkeeper.\u00a0<\/span><\/p>\n

Read the article if you are confused about the two and cannot decide which career option is for you. It will walk you through the difference between the two job roles and the responsibilities each entails.\u00a0<\/span><\/p>\n

Bookkeepers v\/s Accountants: How are they different?<\/strong><\/h2>\n

The differences between bookkeepers and accountants are minor but necessary for defining their responsibilities. While bookkeepers focus on daily updation, accountants are responsible for the more prominent financial image of the company. Read on to learn the job roles and responsibilities of bookkeeping and accounting.<\/span><\/p>\n

Bookkeeping<\/strong><\/h3>\n

Bookkeeping is securing a company\u2019s financial transactions in an organised manner, usually in a ledger. Recording and maintaining such transactions always comes in handy during tax audits and rechecking any financial transaction-based errors. The process is a part of the more extensive work of accounting.<\/span><\/p>\n

Key Responsibilities<\/strong><\/h3>\n

The key responsibilities of a bookkeeper in accounting are as follows:<\/span><\/p>\n