Comparison of Bookkeeping and Accounting on 7 major Parameters

  Assignment Help  25th Jan 2022

Bookkeeping and accounting both are an unavoidable part of the business and also extremely significant to keep the record. But still, there are many who find themselves at a loss as what is the difference between two. If you are the one who is struggling with the same issue, then read this blog. Here, we will understand how these two differ from each other. Other than that, you can also hire bookkeeping assignment help to look out the major difference.

Definition of Bookkeeping & Accounting

Bookkeeping is basically for the recording of all the financial transactions that are going on in the organization however Accounting deals with classification, interpretation, reporting, analyzation, summarizing of the financial data. You can rightly say that accounting is the part of the Bookkeeping. Still, there is a misconception as many people felt both are the same thing. To resolve the confusion, let us do the classification.

Classification on the basis of Different Parameters

Decision-Making Process: As we know, Bookkeeping is basically related to measuring, identification, and recording of the financial transaction. Still, management doesn’t have the right to make decisions as per the given data. But if you look out at accounting phase, you can conclude all the significant business decisions are easily taken by the accountant because it gives authority to the owners of interpreting, summarizing, communicating all the financial transactions.

Related Post: Comprehensive Guide on Bookkeeping That Will Help You Find A Career

Basic Objective: The main objective of the bookkeeping is to keep all the financial records systematically and properly whereas accounting objective is different. The main aim of accounting to gauge the situation comes in the path of finance so that a strong bridge is formed among the relevant authorities to set up a direct communication.

Financial Statements Preparation: Bookkeeping do not create or prepare a financial statement. However, it is not so in Accounting. The latter part requires essential skill because of its complex and analytical nature. You can hire accounting assignment help to know more about the preparation of financial statements.

Analysis Part: There is no need to do analysis in bookkeeping. But if you look out Accounting. It uses all the information of bookkeeping to interpret and analyse the whole data. As with the help of bookkeeping only, reports are formed in a sophisticated manner.

Types: Bookkeeping is generally of two types that are Single entry and the other one is double entry bookkeeping. Moreover, the accounting department does preparation as per the budget and loan plans of the company.

Expertise: Those who are in the bookkeeping department should have the skills to provide clear and accurate records. You can say they should be knowledgeable to make the records about the financial matters. Plus, accountants must have sufficient education and experience to hold the title of Accountant. It can be done if they are Certified Public Accountant.

These are some of the basic difference between bookkeeping and Accounting. If you want to gather more information about the topic, you can take help with assignment online. Their professionals are well versed in providing information.

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