Many small businesses struggle to distinguish between bookkeeping and accounting, often blending the two. This confusion can lead to inefficiencies and missed opportunities in financial management. Bookkeeping focuses on recording daily transactions, laying the groundwork for the more analytical processes of accounting, which interprets these records to guide strategic decision-making. This article will delve into the differences, skills required, and how each function contributes uniquely to business success. What Is Bookkeeping? Bookkeeping involves the systematic recording of financial transactions, which are critical for businesses of all sizes. It ensures that records of individual financial transactions are accurate, up-to-date, and [...]