In this article, we will discuss the three primary bookkeeping methods: single- entry bookkeeping, double-entry bookkeeping, and computerized bookkeeping. SINGLE-ENTRY BOOKKEEPING: Single-entry bookkeeping is the simplest and most straightforward method of bookkeeping.

While bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business.

You need someone to help with processing invoices and other financial documents. This is where your bookkeeper will add a lot of value. Your accountant will not typically handle tasks like processing purchase invoices and expenses claims, issuing invoices as well as filing and managing your financial documents.

Bookkeeping is a foundation/base of accounting. Accounting uses the information provided by bookkeeping to prepare financial reports and statements. Bookkeeping is one segment of the whole accounting system. Accounting starts where the bookkeeping ends and has a broader scope than bookkeeping.