Bookkeeping is the recording of the day-to-day financial transactions of a business. Bookkeeping tasks includes the following:

– Journal entries.

– Filing source documents.

– Paying accounts.

– Prepare invoices.

– Sending statements to customers or clients.

– Processing payroll data.

– Reconciliation of balance sheet, debtors and creditors accounts.

Accounting involves the review, analysing and interpreting of the financial information recorded to forecast future business needs and to assist senior management in decision making. Accounting tasks include the following:

– Generate financial statements.

– Key-performance indication calculations.

– Financial reporting.

– Review/implement internal controls.

– Advice management on financial decisions.