What is the difference between bookkeeping and accounting

Bookkeeping and accounting are both important parts of managing your finances. At first glance, the two can seem quite similar, but there are a few main differences. Bookkeeping focuses on recording and organising financial data. Accounting is the interpretation and presentation of that data to business owners and investors.

Bookkeeping typically consists of:

  • payroll
  • invoicing
  • receipts and bills
  • recording business transactions

Accounting typically consists of:

  • financial statements and reports
  • budgets
  • tax returns
  • analysing business performance

If you’d like to talk to an STS Accountant or Bookkeeper get in touch today.
We’re here to help you with all of the tasks that fit under both of these important areas of your personal and business finances.