What’s the difference between Bookkeeping and Accounting for Small Businesses?

Bookkeeping is the entry of day to day revenue and expenses while accounting  is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information.

For a small business bookkeeping is the process of tracking where funds (incoming and outgoing) are coming from and where they are going. Accounting, is interpreting all of your financial information, to help you make better decisions for taxes, strategic planning and more.

Tavis King