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Bookkeeping is the process of recording daily transactions, such as sales, expenses, and payments, while accounting involves analyzing, interpreting, and reporting this data to provide insights into a company’s financial health.

Reconciliation ensures that the records of income and expenses match bank statements, which helps catch any errors, fraudulent activities, or discrepancies, keeping financial data accurate and reliable.

Financial records should be updated regularly—daily for transaction tracking, and at least monthly for reconciliations and financial statements. This frequency helps in maintaining accuracy and up-to-date insights into financial health.

Outsourcing bookkeeping can save time, reduce costs, and provide access to expert insights. It allows business owners to focus on core operations while ensuring their financial records are managed accurately and efficiently by professionals.