What is the difference between Bookkeeping and Accounting?

Here at Gascoynes, we offer both a bookkeeping service and a full accounting service and we often get asked what the difference is between the two.

In reality the functions are linked together intrinsically but the simplest way to differentiate the two Is by thinking about bookkeeping as the recording and organising of financial data and accounting as the analysis and interpretation of that financial data in order to make decisions about your business.

What is the difference between Bookkeeping and Accounting?

Bookkeeping Services

Bookkeeping is vital for any business. Passing the time consuming work of keeping and balancing the books to us will help free up your time to focus on running your business.

Our diligent and detail-orientated bookkeeping team can be on-hand to take care of the details, ensuring your records are always accurate and up to date.

We make use of a range of software packages to help us provide you with real-time data. Reliable bookkeeping services allow you to keep track of your business progress and assist with year-end tax planning.

Accountancy Services

Accountancy takes the information from the bookkeeping and analyses it, interpreting it and providing advice and guidance on decision making to business owners. Additionally, your accountant can help ensure your compliance through the preparation and submission of year-end accounts to HMRC.

The role of the accountant differs from the bookkeeper in that they are there to interpret the data, to provide understanding and detail whereas the bookkeeping process is about presenting the information as it is, with no comment.

Your business is likely to need input from both a bookkeeper and an accountant at some point, though maybe not both at the same time. Working with a firm like Gascoynes, where we offer both services means that we can quickly bring someone on board should you need a little extra advice or if your own bookkeeping becomes too onerous for you.

Contact us today!

If you are looking for a new accountant or bookkeeper, why not speak to one of the team here at Gascoynes. You can call us or alternatively visit our Contact Us page to send us an email.

For our Bury Office call 01284 755956

For our Wymondham office call 01953 438450