For those who are not trained with accounting knowledge, this may be the question that pops up in their mind most frequently, “What is the difference between bookkeeping and accounting?” Simply put, bookkeeping is meant for the recording of all the daily financial transactions related to your business. Meanwhile, accounting is meant for summarising and classifying the financial data for the purpose of reporting and interpreting, to gauge the financial position of your business. Hence, Accounting and bookkeeping services are essential for every business.

Bookkeeping and accounting are crucial for every business as they not only fulfil legal and compliance requirements such as tax submission and reporting to shareholders. In addition, accurate and proper bookkeeping and accounting will enable you to make better-informed decisions related to expenditure, business investments, acquisition of assets and managing cash flow, which is highly important for the sustainability of your company.