What is the difference between bookkeeping and accounting services?

In short, accounting starts where bookkeeping ends. Hence, bookkeeping services and accounting services are both required for a business.

 

Bookkeeping is the process of recording transactions periodically, consistently, and accurately. Accounting is dependent on bookkeeping and accountants rely on bookkeepers for accurate and complete financial transactions. Major activities are to be performed by bookkeepers are as follows:

 

  • Processing receipts, invoices, payments, general ledgers, p&l book, etc
  • Proper documentation of debit and credit transactions
  • Coordinating with payroll team and completing payroll tasks (payroll processing and reconciliation)
  • Regular recording of financial transactions & preparing financial statements accordingly
  • Reconciling various accounts and creating reports

 

Accounting service activities are vital to be performed to avoid any legal complications/penalities. An accountant is also involved in suggesting and advising on financial future aspects based on the past performance analysis. Accounting Services performed by accountants are as follows:

 

  • Filing of GST returns & TDS returns
  • GL Accounting
  • Travel & Expense processing
  • Employee reimbursement processing
  • Analyzing financial statements
  • Analyzing revenue expenditure/capital expenditure/overheads

 

Spectra Outsource Solutions is a Trusted Outsourcing Company in India. SOS is offering the best, accurately handled, on-time Accounting Services and Bookkeeping Services

 

SOS- Established in 2006 with an aim is to support small and medium enterprises (SMEs) and help them grow in the market.

 

For Accounting & Bookkeeping Services, Contact us TODAY!!