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Accounting & Bookkeeping FAQs
What is the difference between accounting and bookkeeping?
Accounting is a broad area of business compared to bookkeeping, which is an essential part of the accounting process. Accountants create financial statements with the help of bookkeepers who provide administrative support by recording receipts and handling payroll. When it comes to bookkeeping vs. accounting, the former does not require a professional to obtain a bachelor’s degree unlike a Certified Public Accountant (CPA).
What is meant by bookkeeping in accounting?
A bookkeeper is in charge of daily recording and the occasional auditing of financial transactions like sales and purchases. Bookkeeping can also involve maintaining an income statement and tracking accounts receivable. These functions help the accountant accurately provide financial consultation to business owners.
What are bookkeeping examples?
Examples of bookkeeping responsibilities include maintaining databases and the balance sheet, keeping track of inventory and sales, and entering information related to financial transactions. Bookkeepers may also use accounting software to update statements concerning cash flow and profits and losses.
How much do freelance bookkeepers charge?
On average, freelance bookkeeper rates are $11–$25/hr. The rate charged by independent professional bookkeepers depends on their level of experience, location, and expertise. They also take into account the scope of the project when determining their fee.