In financial terms, Bookkeeping and Accounting are almost used interchangeably though both concepts are different and can be daunting tasks for companies considering the nature of their operations and the availability of resources. Bookkeeping is defined as the recording of financial transactions, accounting deals with the analysis, interpretation, reporting, classification, and summarization of the business financial data. Whereas, Accounting is the systematic process of recording, measuring & communicating information about the financial transaction in a business. Accounting helps in identifying the financial position of a company and showcase to the stakeholders.