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Bookkeeping involves the accurate and timely recording of financial transactions in journals and ledgers, and the preparation of financial statements such as the balance sheet, income statement, and cash flow statement. Bookkeeping and accounting are both important functions for managing the financial records of a business. Accounting, on the other hand, encompasses a broader range of activities beyond bookkeeping.
Bookkeeping vs. Accounting: Which Offers More Value for Your Business?
Bookkeeping is the methodical recording of everyday transactions such as sales, purchases, receipts, and payments. It...