Every business needs to have a bookkeeping and accounting process to prepare the financial records at the end of a year/quarter. In addition, bookkeeping and accounting help the business evaluate its worth and take future decisions. Many times bookkeeping and accounting are used interchangeably. Though bookkeeping and accounting are inseparable, there is a thin line to distinguish between them. Bookkeeping is part of accounting, and accounting has a broader scope than bookkeeping.
