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The difference between accounting and bookkeeping

July 12, 2023

Understanding the ins and outs of financial management can be daunting when you're starting a business. However, knowing the difference between accounting and bookkeeping is crucial for your financial success. Let's delve into how bunq can simplify these tasks for you.

What is Bookkeeping?

Bookkeeping involves recording daily transactions in a consistent way, which is vital to building a financially successful operation. It ensures that records of individual financial transactions are accurate, up-to-date, and comprehensive. With bunq's bookkeeping feature, you'll have an easier time managing this task.

What is Accounting?

While bookkeeping records transactions, accounting interprets, classifies, analyzes, reports, and summarizes this financial data. Accounting gives you insights into your business’s financial health, helping you make informed decisions. You can use bunq's Insights feature to get a clear view of your financial state.

How Do They Work Together?

Bookkeeping and accounting are two functions of financial management that work hand-in-hand. Bookkeeping lays the groundwork with solid record-keeping, while accounting uses this information to provide financial insights.

Why Choose bunq for Your Business Account?

Starting a business comes with its challenges, but managing your finances doesn’t have to be one of them. With a bunq business account, you'll have access to features that simplify bookkeeping and accounting. Plus, you'll enjoy instant payments, Bank Accounts, and easy budgeting tools that will keep your business running smoothly.

Conclusion

Understanding the difference between accounting and bookkeeping is key to running a successful business. With bunq's innovative banking solutions, you can easily manage both and focus on what matters most—growing your business. Ready to take control of your business finances? Start with a bunq business account today!

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