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A business owner's guide to bookkeeping
July 27, 2022What is bookkeeping?
How does bookkeeping differ from accounting?
Bookkeeping | Accounting |
---|---|
Record financial statements and categorise transactions | Prepare adjusting entries |
Send invoices and records transactions | Analyse operation costs |
Conduct bank reconciliations every month | Making financial decisions based on data |
Generate monthly financial statements | Review and analyse financial statements |
Process payroll | Assess financial health to map financial forecasts |
Prepare books for accounting analysis | Run audits |
Generate year-end financials and tax documents | File tax returns, conduct tax planning and provide tax advice |