Here, you will get to actually understand what is bookkeeping in accounting. What bookkeeping means is the recording of financial transactions, and is part of the process of accounting in business. Similarly, bookkeeping definition is the activity of keeping records of the financial activities of a business.
Following this, since bookkeeping is recording while accounting is the reporting, taking the ledgers and transforming them into meaningful business information, in other words, bookkeeping has to follow accounting standards.
Original Article Source Credits: Hottest Guides , https://hottestguides.com/
Article Written By: Ifeoma Miriam Osuala
Original Article Posted on: 14 August 2020
Link to Original Article: https://hottestguides.com/what-is-bookkeeping-and-14-reasons-why-bookkeeping-is-important-to-business/