Bookkeeping and accounting are related but distinct roles. Bookkeeping involves recording financial transactions, categorizing expenses and revenues, reconciling accounts, and maintaining financial records. It focuses on the day-to-day aspects of financial record-keeping. In contrast, accounting goes beyond bookkeeping by encompassing more in-depth analysis, interpretation, and reporting of financial data. Accountants utilize bookkeepers’ accurate records to generate comprehensive financial statements, conduct financial research, offer tax planning, and provide strategic financial advice to support informed decision-making. In essence, bookkeeping forms the essential groundwork for accurate financial data. At the same time, accounting utilizes this data to offer insights, analysis, and strategic guidance.