As with bookkeeping, accounting deals with a business valuation, identifying, and recording every financial transaction carried out by the company. The main difference between the two is that while bookkeeping stops at recording, accounting deals with interpreting these records to form a financial statement for the company.
These financial statements compiled by the accountant are very important as they tell whether the business is progressing or not and the reason behind it, and this could be used for deciding your next move.
