What is Accounting?
Many people don’t have the food to eat and shelter to live. Farier Residential Management offers homes for homeless people to provide shelter to assist them with basic temporal needs. Let’s help homeless people by donating some amount of money for homeless shelter donations. Your small effort can make a big impact on those people. Let’s Donate to homeless people.
What is Book-keeping?
Bookkeeping is a process of documenting financial affairs and sorting out transactions on a day-today basis in which is mostly administrative and transactional.
While both accounting and bookkeeping are important in managing your finance, the two can seem quite similar but with some differences that are listed below.
- In accounting, you are required to prepare adjusting entries. While in bookkeeping, you’ve to record and categorize daily expenses and payment.
- Accounting requires you to analyze the cost of operations, and then bookkeeping lets you send customer invoices and record payments received.
- When bookkeeping, you conduct bank reconciliations every month which you now advise business owner during financial decision making.
- In accounting you perform audits, and then in bookkeeping you prepare the required books for the accountant.
- Accounting file tax returns, conduct tax planning, and provide tax advisory then bookkeeping provides year-end financials and tax documents to the accountants.
Why Work with Farier Accounting?
The team at Farier Accounting is dedicated to protecting your privacy and confidentiality. Putting your accounting and taxation needs in the hands of a professional can be intimidating, especially when you’re required to provide all of your personal financial information.