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Bookkeeping or Accounting Software

Tags: Cloud

What’s the Difference Between Bookkeeping and Accounting? Which accounting software would you recommend for an SME Why?

Topic

Accounting Software

In reply to Bookkeeping or Accounting Software

Accounting is the process of keeping the record of a company’s financials. However, Bookkeeping is the process in which all the business transactions made are put into the database for keeping records.

Bookkeeping or Accounting …

In reply to Accounting Software

So which software that should I prefer for my small organization. Whether it is Bookkeeping System or Accounting Software?

Bookkeeping or Accounting Software

In reply to Bookkeeping or Accounting Software

Intuit QuickBooks Online
FreshBooks
Pabbly
Wave
Sage 50cloud
Xero
Zoho Books
GoDaddy Bookkeeping
Kashoo
AccountEdge Pro

Bookkeeping or Accounting Software

In reply to Bookkeeping or Accounting Software

Thank You @marks567217,

I’m just checking out the list that you share, I hope one of them will suites with my business.

Bookkeeping and Accounting Software

In reply to Bookkeeping or Accounting Software

Hey,

We at Tehcentred.com write about the Best Softwares for Every segment and sector. We are going to write an article about Bookkeeping and Accounting Software.

Can anyone provide more information about this softwares?. It will be very helpful for us and very much appreciated.

Thanks and Regards
Sandeep

Information

In reply to Bookkeeping or Accounting Software

Bookkeeping

The dictionary definition of bookkeeping is defined as “the skill or occupation of maintaining accurate records of business transactions.”

In simple terms, bookkeeping is recording and organising financial data.

Accounting

When it comes to accounting, the dictionary states accounting as “the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities etc of a business.”

Basically, accounting takes all of that important financial data, prepares reports for business owners and investors and ready’s the reports for HMRC.

Bookkeepers vs Accountants

In reply to Bookkeeping or Accounting Software

A bookkeeper’s job is to maintain complete records of all money that has come in and gone out of the business. Bookkeepers record daily transactions in a consistent, easy-to-read way.

An accountant analyzes the financial data recorded by the bookkeeper and provides business owners with important business insights and financial advice based on that information.

Difference Between Bookkeeping and Accounting

In reply to Bookkeeping or Accounting Software

In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same profession to an untrained eye.

There is no Best as Such it all depends on where you are and what you do.

In reply to Bookkeeping or Accounting Software

Different countries have Different Laws so what works well in one country may be Illegal for use in another or at the very best leave you open for Literation by your countries Tax Collection Agency.

There are other issues like for instance if you are in a High Security Business the use of any form of Cloud Computing may be against the rules as it is a open attack vector that you can not plug and could loose all of whatever you are doing as a core business.

With any form of Accounting Software you have to look at what can be used in your Country and what is considered as Best Patrice in your Industry and work from there. For instance here in AU if you are doing Military Work and chose to use an Accounting Package that was Cloud Biased like many of them are and you let a foreign Country in as a result you would find yourself facing a Treason Charge which you could not win no matter how much you wasted on defending yourself so it’s best to look at what is considered as Best for your Industry and Country and remember Ignorance is no Defence in the eyes of the Law.

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