Bookkeeping and accounting are essential components of financial management in any business. Bookkeeping involves the systematic recording of daily financial transactions, such as sales, purchases, receipts, and payments, ensuring that all financial data is organized and accurate. Accounting, on the other hand, goes beyond recording to analyze, interpret, and report this financial information, providing insights through financial statements like balance sheets and income statements. Together, they help businesses track their financial health, make informed decisions, comply with legal requirements, and plan for future growth, making them indispensable tools for effective financial management.
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