What is bookkeeping?

A Frequently asked question…. What is the difference between accounting and bookkeeping?  Well according to AccountingCoach.com

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  • Some people think that bookkeeping is the same as accounting. They assume that keeping a company’s books and preparing its financial statements and tax reports are all part of bookkeeping. Accountants do not share their view.
  • Others see bookkeeping as limited to recording transactions in journals or daybooks and then posting the amounts into accounts in ledgers. After the amounts are posted, the bookkeeping has ended and an accountant with a college degree takes over. The accountant will make adjusting entries and then prepare the financial statements and other reports.
  • The past distinctions between bookkeeping and accounting have become blurred with the use of computers and accounting software. For example, a person with little bookkeeping training can use the accounting software to record vendor invoices, prepare sales invoices, etc. and the software will update the accounts in the general ledger automatically. Once the format of the financial statements has been established, the software will be able to generate the financial statements with the click of a button.
  • At mid-size and larger corporations the term bookkeeping might be absent. Often corporations have accounting departments staffed with accounting clerks who process accounts payable, accounts receivable, payroll, etc. The accounting clerks will be supervised by one or more accountants.”

At EZ Bookkeep, your books will be done by someone who has the accounting educational background, experience, a certified professional bookkeeper and a certified Quickbook online proadvisor.  Bookkeeping might be viewed as data entry to some people, its actually much more than just data entry.  One must have a good understanding of accounting and bookkeeping concepts in order to “ENTER” the data correctly.  Bookkeeping is really the foundation of your business’s health.  With good and accurate record keeping, business owners will have a clearunderstanding of its business’s health which will help with financial decisions tremendously.  With your bookkeeping done right and up to date at all times, you will be providing your tax agent or CPA with the correct information to file your income tax correctly.  If you are a business owner and is currently doing your own bookkeeping, I highly recommend you outsource your bookkeeping to a pro.  It will free up your time so you can run your business and the cost of bookkeeping is fully tax deductible.