In simple terms, accounting is how the business organizes, records, and understands financial information. One can imagine accounting as a huge machine. You put all the raw finance information, business transaction records, projections, taxes, etc., and in return, you get a clean and simple business's financial state. Accounting gives one an idea about the profit state, condition of cash flow, company’s liability and assets current value, and finally, which is the part of the business that gives you profit. Bookkeeping and Accounting for SMBs Bookkeeping and Accounting are similar in many ways. Few consider bookkeeping as one part of accounting. But when it is looked at from a different angle, bookkeeping categorizes and records financial transactions. But in the case of accounting, financial data is put through strategy, analysis, and tax planning. Accounting Cycle If you have any bookkeeping or accounting requirements, it is best to approach a top accounting f