bookkeeping and accountancy

Bookkeeping refers to the process of recording and organizing daily financial transactions, such as sales, purchases, payments, and receipts. It is the foundational step in maintaining accurate financial records, ensuring that all financial activities are documented in a consistent and systematic manner. Bookkeeping helps ensure that a business has up-to-date financial data, which is critical for preparing financial statements and meeting tax obligations Accountancy, on the other hand, is a broader and more strategic field that involves interpreting, analyzing, and reporting on the financial information recorded during bookkeeping. Accountants use bookkeeping data to prepare financial statements (like income statements, balance sheets, and cash flow statements), offer insights into the financial health of the business, and help with financial planning. Accountancy also involves ensuring compliance with accounting standards and tax regulations, while providing guidance on long-term financial decisions and strategies