Which Do You Need for Your Business, Bookkeeping or Accounting? And why?

In order to operate a business, it is mandatory that all your financial transactions are recorded and proper books of accounts are maintained as per statutory requirements.

Bookkeeping is normally related to identification, measurement and recording of financial transactions.

Accounting includes making a summary, interpretation and communication of financial transactions which are classified in the ledger account.

A bookkeeper maintains records of a certain category of financial transactions like sales or payroll.

With professional payroll outsourcing companies handling your accounting functions, you don’t need to worry about complying with statutory regulations and concentrate on scaling up your business.