What is the difference between Accounting and Bookkeeping?
Bookkeeping is the recording of financial information for your business, a history of your financial transactions, "keeping the books" current, up to date, and accurate.
Accounting, on the other hand, reviews the records entered by the Bookkeeper and reports to you on your financial condition or situation. Beyond the common Financial Statements, Accountants can prepare a variety of customized reports and analysis to fit your needs and assist you with planning both the day to day needs as well as the future of your company.
You may still need a bookkeeper, even if you have a CPA, to prepare your records for your CPA, whether for financial analysis or tax return preparation.