Accounting and bookkeeping in business.

[CALVINDOL]

Accounting and bookkeeping in business absolutely have a contractual relationship with each other that is why majority of individuals who go into tertiary institutions and educational organisations to have a degree in accounting end up also having a degree in bookkeeping is because the line between being an accountant and being a bookkeeper is absolutely very thing . And also in some school of thoughts it is assumed that before you understand accounting you must also understand bookkeeping . As we already know accounting simply his day analysing and interpreting of business books of account in order to know whether the business is absolutely running on a profit or running on a loss on the other hand bookkeeping involves the keeping in orderly arranged manner the books of account so that a particular account or books of account could be easily refer to and retrieved when needed or asked for .

Personally I have been to many business organisations will bookkeeping and accounting and never practiced that is why majority of businesses or business Enterprises that behave in this manner end up shutting down and going bankrupt because they are unable to track their profit or their losses . Bookkeeping and accounting absolutely plays a very important role in the life of a business . For a certainty it could also help you to know when a debt is absolutely dude and went to repair a particular known collected by the business .

 

[Jasz]

Accounting and bookkeeping are two terms that are often used interchangeably, but they don't mean the same thing. Accounting is the process of recording, processing, and reporting financial activities.

Bookkeeping is the process of maintaining records of business transactions and preparing financial statements. Bookkeeping is a necessary skill for any business that needs to keep track of its financial activities. Bookkeepers use accounting software or spreadsheets to manage their businesses' financial records, which can include everything from accounts receivable to cash balances. They also provide reports on revenue, expenses, and profits. Bookkeeping helps you keep track of all of your financial transactions and make sure that they're accurate. It also helps you prepare tax reports for your accountant so that they can file taxes properly with Uncle Sam's help

In most cases, a bookkeeper will work closely with a business owner or manager who oversees the accounting function in order to make sure all transactions are recorded correctly and that everything is reported accurately in the proper format.

 

[TOZZIBLINKZ]

It is totally true that bookkeeping and accounting plays a very important role in the life and existence of a particular business and it is absolutely very saddened to see that majority of people that is business owners and capital commercial Enterprises do not see it as in need for them to practice their commercial activity of bookkeeping and . According to feasibility studies and analyses Asian it is assumed that majority of business go bankrupt in the United States of America as a result of poor documentation at the inability to track their business earnings and business losses . Who do not want to fall into problem when carrying out business activities that is why in order to track our business activities and practices we must endeavour to have proper records and that involves bookkeeping .

It is not all about recording business transactions and business activities but it is also important if we analyse this records possibly at the end of every month or at the end of every year and what that means or involves is accounting . In a business organisation accounting and bookkeeping are definitely used interchangeably and they go a long way in determining the success rate of a particular business organisation .

 

[Richee84]

As a business owner or entrepreneurs it is very important we have the knowledge of financial accounting or book keeping. Most of the business now today don't keep proper record of their business transactions which is not good for the health and growth of the business. There is lot of advantages attached to having little knowledge in finance or book keeping as an entrepreneur or business owner, when an entrepreneur is well equipped or have enough knowledge in book keeping, it will be a little easy for him or her to monitor the cash in flow and out flow of cash in the business. If money is not properly managed or monitored there is tendency for the business to have financial crisis that can lead to the collapse of the business. A good book keeping for business also help to have a good record for tax purposes. It will be easy for the tax expert to calculate the tax due for the business in the current year.
A good book keeping for business can also help a business to get tax exemption when the business is facing crises or challenges that make it difficult to pay his tax due to low sale and low or no profit.

 

[anil02]

I am qualified and experienced accountant. Account is must of every one not only for business peoples but all peoples. Accounts tell us where we are. and we can plan for future on the basis of account for our finance. In these maintain account is not tough work. On computer it is very easy to maintain accounts. A business person must have knowledge of basic principal of accounts and some knowledge of business law.

 

[jamestoddandco]

Accounting and bookkeeping provide financial information that is essential for operating a successful business. Proper recordkeeping and reporting helps optimize profits, manage costs, track growth, and make smart business decisions.

 

[Suba]

In the business world of accounting and bookkeeping, although both are related to recording financial data, they are very different, bookkeeping only records daily cash flows in and out, records debts and receivables, employee salaries and bank reconciliations, whereas from bookkeeping data we can also compile several financial reports such as balance sheet, income statement and cash flow. Meanwhile, accounting has a broader or more complex work process, not only preparing financial reports but also analyzing financial position, internal auditing, planning, tax calculations, etc.