Accounting and bookkeeping are fundamental practices in financial management. Bookkeeping involves the systematic recording of daily transactions, such as sales, purchases, and expenses, into financial records. It ensures accurate tracking of financial data and lays the groundwork for more detailed analysis. Accounting, on the other hand, encompasses a broader range of activities, including the preparation of financial statements, analysis, and reporting. It involves summarizing, interpreting, and providing insights into financial data, helping businesses make informed decisions. Together, bookkeeping and accounting ensure financial accuracy, compliance with regulations, and effective financial planning and management.