What is accounting and Book Keeping? What are the Common Challenges and How to Overcome Them?
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Accounting and bookkeeping are crucial financial management activities that help businesses maintain accurate records of their financial transactions and make informed decisions. Here's an overview of these terms and some common challenges associated with them, along with strategies to overcome those challenges: 1. Accounting: · Accounting involves analyzing, interpreting, and summarizing financial information to provide insights into a business's financial health and performance. · Accountants prepare financial statements, conduct financial analysis, and ensure compliance with legal and regulatory requirements. 2. Bookkeeping: · Bookkeeping focuses on the systematic recording and organizing of financial transactions. · Bookkeepers maintain accurate records, reconcile accounts, and provide the foundation for accounting processes. Common Challenges in Accounting and Bookke...