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Once your bookkeeping professional has collected financial data, they may pass it to an accountant who can analyze it and provide insights. For instance, bookkeeping means recording every sales transaction. Accountingmeans creating a report that determines your sales trends and profit margin. Establish a generalledger.
Accounting for a small business usually means summarizing and analyzing financial transactions, producing accounting reports, and timely providing data for tax purposes and tax returns. Bookkeeping vs. Accounting. All business accounts are recorded in your accounting books.
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