Accounting and bookkeeping are fundamental components of financial management for any business. While they are closely related, bookkeeping is the process of recording all financial transactions systematically and accurately whereas accounting is the process of interpreting, analysing and reporting bookkeeping data. Together, accounting and bookkeeping ensure that a business’s financial information is accurate, up-to-date, and useful for making informed decisions. They are essential for maintaining financial transparency, managing cash flow, and achieving long-term financial stability.