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Bookkeeping is the activity of recording business transactions. Accountancy is the process of maintaining, auditing, and processing financial information for business purposes. It allows the creation of accurate financial reports that are useful to manager, regulators and other stakeholders such as the ownser of the firm. The day-to-day record keeping involved is known as bookkeeping. The double entry booking system involves making at least two entries for every transaction, a debit in one account and a corresponding credit in another. Book Keepers have to dole out regular reports such as trial balance, handle payroll, maintain a lot of transparency in the preparation of accounts.
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