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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Bookkeeping records and organizes a business’s transactions; accounting uses those records to prepare and interpret financial information. The jobs often overlap, but the distinction is useful: bookkeeping builds the record, while accounting turns it into reports and information for decisions, management, and tax work. The details below reflect U.S. IRS and Small Business Administration guidance; terminology and requirements can differ elsewhere.
What bookkeeping does
Bookkeeping is the regular recording and organization of business transactions. A business may record transactions in journals and organize the totals in ledgers, with accounts such as cash, sales, and expenses. The IRS describes a journal as a place to record each transaction shown by supporting documents, and a ledger as a place to organize journal totals by account. Examples of useful records include a business checkbook, cash-receipt summaries, a disbursements journal, and employee compensation records. See IRS Publication 583.
The aim is to maintain a clear trail from a transaction to its supporting documents and accounting records. For example, recording a customer payment and filing its receipt helps make the income traceable later.
What accounting does
Accounting uses the records to summarize and interpret a business’s financial activity. It can include preparing financial statements, reviewing results, planning, and supporting tax reporting. Good records help owners monitor progress, identify where receipts came from, track deductible expenses, prepare financial statements, and support tax returns, according to IRS Publication 583.
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Financial statements put records in context
- Income statement: reports income and expenses over a period.
- Balance sheet: reports assets, liabilities, and equity at a particular point in time.
These reports help answer different questions: whether the business generated income over a period, and what it owns and owes on a specific date. The labels are common, but the precise division of duties between bookkeeping and accounting is not universal; in practice, professionals may perform tasks in both areas.
Bookkeeping and accounting compared
| Aspect | Bookkeeping | Accounting |
|---|---|---|
| Main function | Record and organize transactions. | Summarize, report, and interpret financial information. |
| Typical records or output | Transaction records organized in journals and ledgers. | Financial statements, analysis, and information used for planning and reporting. |
| How the work connects | Supplies organized records for later use. | Uses those records to explain results and support decisions and tax work. |
This is a practical distinction, not a universal legal definition. A small business owner, bookkeeper, or accountant may handle overlapping duties depending on the business and the arrangement.
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Single-entry and double-entry bookkeeping
These are bookkeeping systems, not different names for accounting methods such as cash or accrual tax accounting. IRS Publication 583 describes both systems but does not set a universal business-size threshold for choosing one.
Single-entry
A single-entry system is based on the income statement. The IRS says it may be simple and practical for a small business starting out, though it may not suit every business.
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Double-entry
A double-entry system uses journals and ledgers. Each transaction is recorded with corresponding debits and credits; after posting, total debits must equal total credits. That balance provides a check for errors, though it does not by itself prove every transaction is correct. The system’s mechanics are described in IRS Publication 583.
Paper records or electronic records?
A business can choose a recordkeeping system suited to its activities if the records clearly show income and expenses. The IRS says electronic records follow the same basic recordkeeping principles as paper records, and an electronic system should provide complete, accurate records accessible to the IRS. A paper journal or ledger is therefore one possible format, not a required physical product. See the IRS guidance on what kind of records to keep.
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Choose a method that lets you keep supporting documents, organize transactions consistently, and retrieve records when needed. The cited guidance does not require every business to use particular bookkeeping software or a particular paper format.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do you need a bookkeeper or an accountant?
The right choice depends on which financial tasks are being handled reliably and what help the business needs. The U.S. Small Business Administration says an owner may use a bookkeeper, CPA, or online service. It describes bookkeepers as able to handle basic day-to-day functions at lower cost than a CPA, while CPAs may provide more tailored services. That is a general comparison, not a current price estimate. See the SBA’s Manage your business guidance.
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Before hiring help, identify who is responsible for these functions, which the SBA names as examples:
- Accounts receivable and accounts payable
- Available cash and bank reconciliation
- Payroll
A bookkeeper may be a fit when the main need is routine transaction recording and day-to-day organization. An accountant or CPA may be useful when the business needs financial statements, interpretation, planning, or more tailored professional services. The titles alone do not settle who will perform each task, so agree on responsibilities and deliverables.
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