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Maintaining accurate financial records is critical for your company’s success and compliance. The specific records you must keep will vary depending on the type, size, and location of your business.
We do not take chances when it comes to accounts. However, we were unable to learn the difference between bookkeeping and accounting. In the world of finance and business management, the terms “bookkeeping” and “accounting” are often used interchangeably, leading to confusion among those who are not well-versed in the field. However, it’s essential to understand that bookkeeping and accounting are two distinct but closely related processes that play crucial roles in managing a company’s financial affairs. In this article, we will delve into the key differences between bookkeeping and accounting and highlight their unique contributions to the financial health of an organisation.