Importance of Bookkeeping and Accounting [Infographic]

Importance of Bookkeeping

Bookkeeping is the collection of financial data—the day-to-day record-keeping of all of your company’s financial transactions.

Your books hold the data you need to make all of your strategic financial decisions. If you don’t have a good grasp of how money goes in and out of your books, and at what amounts, you can’t make informed decisions about your company’s finances and you can’t plan ahead.

– Brenda Sherrodd, Avitus Group Director of Accounting Services

Importance of Accounting

Accounting is the creation of financial strategy based on the data collected in day-to-day bookkeeping.

What Accountants Do:

  • Audit your books to ensure accuracy
  • Interpret the numbers in your books
  • Create strategy based on those numbers
  • Through audits and reports, your accountants provide a picture of your company’s finances:
  • Trends
  • Forecasts
  • Cash flow
  • Growth potential

How can you decide to make a big financial investment such as an onsite data management system (i.e., servers, processors and the people to run it) if you don’t know whether you have the money? You can’t.

– Brenda Sherrodd, Avitus Group Director of Accounting Services

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