The Importance of Bookkeeping & Accounting [Infographic]

the importance of bookkeeping

Bookkeeping and accounting are terms often used interchangeably and haphazardly, and it’s true that they are inseparable—you can’t have one without the other. However, it’s important to note that they are two distinct professions. Simply put, bookkeeping is the act of carefully recording financial transactions, whereas an accountant’s role spans all aspects of the accounting process, including recording, analyzing, summarizing, and reporting on financial transactions. Without good bookkeeping, an accountant’s ability to make strategic decisions based on the financial data is guesswork at best.

Want more detail? Use this infographic to learn more about the importance of both bookkeeping and accounting.

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