While bookkeeping involves recording and organizing financial data, accounting takes it one step further by analyzing, interpreting, and presenting the data.
Bookkeeping deals with the day-to-day financial aspects of a business, such as payroll, invoicing, bills, and recording business transactions. Accounting is more in-depth, involving the creation of financial reports and budgets, preparing tax returns, and reviewing a business’s financial performance.
Lili makes it easy for business owners to manage their bookkeeping and accounting with features such as instant transaction categorization, and auto-generated financial reports to keep your finances in tip-top shape.