Accounting and Bookkeeping

Accounting Service

Accounting is the process of recording, classifying, summarizing, and interpreting financial information. It is used to track the financial performance of a business and to make financial decisions.

Bookkeeping Service

Bookkeeping is the process of recording financial transactions. It involves entering data into accounting software, reconciling bank statements, and preparing financial statements.

Differences Between Bookkeeping and Accounting

Bookkeeping is the foundation of accounting. It is the process of recording financial transactions, while accounting is the process of summarizing and interpreting that data.

Here is a table summarizing the key differences between bookkeeping and accounting:

Benefits Of Outsourcing Accounting & Bookkeeping

There are many benefits to outsourcing accounting and bookkeeping services. These include:

• Save time and money: Outsourcing can save you time and money by freeing up your staff to focus on other tasks.
• Improve accuracy: Outsourcing to a professional accounting firm can improve the accuracy of your financial records.
• Get access to expertise: Outsourcing to a professional accounting firm gives you access to the expertise of experienced accountants.
• Reduce risk: Outsourcing can help reduce the risk of financial errors and fraud.
• Improve compliance: Outsourcing can help you ensure that your business is compliant with all applicable laws and regulations.

Needs of outsourcing Accounting & Bookkeeping Services

There are many reasons why businesses outsource accounting and bookkeeping services. Some of the most common reasons include:

• The business is growing and does not have the internal resources to handle accounting and bookkeeping tasks.
• The business does not have the expertise to handle accounting and bookkeeping tasks.
• The business wants to reduce costs.
• The business wants to improve accuracy and efficiency.
• The business wants to free up staff to focus on other tasks.