What is the difference between bookkeeping and accounting?

Answer

Bookkeeping is the process of categorising all of your business' transactions into accounting categories (called a Chart of Accounts). Accounting is the preparation of your various annual reports based on the breakdown of transactions for the financial year, which is the result of completed bookkeeping.

Bookkeeping is an add-on service to Accounting, i.e. bookkeeping is required for creating accounts but the bookkeeping can done by you or you in-house bookkeeper, or you can outsource it to us to do for you, something we are happy to do. We do not currently offer a bookkeeping-only service.

Other FAQs in this category

See how we can work together

Get in touch today. Talk to our accountants to see how we can help save you time.