Many business owners or managers do not know the difference between bookkeeping and accounting. So it is essential to know the difference before outsourcing the services to a third party.  Bookkeeping Tasks:- Documenting financial records- Add credits and debits to a journal- Creating financial statements- Payroll processing Accounting Tasks:- Assess and analyse financial statements- Handle adjusting entries- Perform audits- Filing of tax returns If you plan to outsource bookkeeping or accounting, it is best to get both services. The reason is an expert finance officer will manage your bookkeeping and accounting with no mess-ups.