Bookkeeping activities include issuing invoices to customers, recording invoices from suppliers, recording changes in inventory, recording cash receipts from customers, paying suppliers, processing petty cash transactions, and processing payroll. Meanwhile, activities in accounting include making a list of accounts, preparing a ledger, designing financial reports, publishing management reports that are tailored to specific issues, making budgets and comparing them with actual results, and making tax reports and so forth. In the meantime, if you also need to hire an expert accountant, we recommend you to hire the best coventry accountants.
In addition, the analysis of accounting is also different from that in bookkeeping. A book holder is indeed not required to have too many skills because the bookkeeping process is only in recording without requiring any analysis. While an accountant must have qualified skills to be able to analyze and interpret the information in the ledger into a report.
Although there are differences between the two, in practice all of these things can be blurred. This is because bookkeeping and accounting are related and both of them can collaborate. Well balanced and neatly organized financial records made by bookkeepers, coupled with excellent accounting strategies and flawless tax filing by accountants, contribute directly to the long-term success of any business.
Technological advances that result in automation in various processes of corporate financial management also play an active role in blurring these differences. Automation has freed bookkeepers from repetitive and monotonous tasks. This allows them to improve their skills and take on more complex tasks.
In order to further facilitate the management of business financial statements, you can also use bookkeeping software. One accounting software that is easy and can help you is software that is easy to use and is user-friendly. Such software provides various features for financial management such as inputting sales, purchasing, printing invoices, recording inventory, and making financial reports easily, quickly and safely. In addition, software with user-friendly features can also be accessed anytime and anywhere.