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Bookkeeping and accounting are both considered to be really important functions in the field of business but there are so many differences in both of them.
Bookkeeping: recording of the financial transactions
Accounting: interpretation, analysis, classification, reporting as well as the summarization of the data
This shows that there is no analysis of the financial data in case of bookkeeping whereas the accounting is responsible for the analysis as well as interpretation of the data.
All the financial transactions are basically recorded in a chronological manner. This process is done on daily basis. There is proper software for ye automation of the processes. The summary of the financial transactions is carried out in case of bookkeeping. As we see that all the data gets arranged in case of bookkeeping that is why the bookkeepers make higher salaries due to their workings.
The analysis of the financial transactions basically occurs in case of accounting. All of the analysis is basically carried out while keeping all the principles of accounting in the account or else the things will not work out or the results will get errored as well.
The accountant will analyses the performance of the whole of the company. this is why they are able to tell you about the overall condition of the company.
It is to be noted here that the accountants make more money than the bookkeepers.
Differences between the bookkeeping and the accounting
- If you get the education about some of the accounting courses, you can get a good job regarding the bookkeeping.
- If you want to work in an accounting firm or if you want to work for the sake of accounting, you can become an accountant. To become an accountant, you must have a degree in the field of accounting. This is because the accountant is actually the expert in his field. This is the reason why the accountant has higher salaries than those of the bookkeepers.
- Accountants can handle the whole of the accounting processes of the company whereas the bookkeepers are only responsible for the financial transactions of the company. Although they both are the financial terms the differences do exist in them.
- Accountants sometimes serve as an advisor of the bookkeepers as well. this is done in order to ensure the accuracy of the data handling and all the stuff related to it
- Bookkeepers will basically record all the financial transactions of the company and the accountants will then analyze the whole of the data.
Accounting Firms in Dubai
There are so many accounting firms which experts in their field are very and are able to provide the state of the artwork to their customers. They are so good at their work that you can easily hand over your work to them
BOOKKEEPING SERVICES IN DUBAI
Along with the accounting firms, there are a lot of firms of bookkeeping services in Dubai as well. they are equally good in their services and are very well capable of it.