Bookkeeping vs Accounting: What's the difference? How should you choose?

Bookkeeping vs accounting

What are the differences?
Why do I need them?
And how much do they cost?

At LYFE Accounting, we have helped companies with their bookkeeping processes.

We have helped companies with preparing financial statements.

And companies who need help with tax preparation.

If you’re in business then understanding your financials are really important.

So important, that according to investopedia,

One of the most common reasons small businesses fail is due to lack of capital or funding.

From my personal experience,

Most business owners understand their expenses.

BUT where most people fail is not understanding their revenue…

Thus they wind up investing their profits on poor performing products/services.

Which eventually leads to business failure.

But, we can help eliminate some of that risk with proper financial processes.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[StevenDonald]

Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.

[trulythrivinglives]

When I u said, “Oh no, what am I gonna do now!?” Had me rollin cause i know that feeling when my new product line isn’t moving like I thought it would.

[neneb]

Life saver! Thank you!!! I think accounting is better for any business. And I was about to go to school for bookkeeping. I'm glad I found your video first. God bless.

[elianasmith]

I watch this video over and over. So much information in this video - thank you for this.

[Shanaevaz]

Booking keeping🥰🥰🥰🥰🥰 can't wait to open my business in November

[letsgoviral]

I kept wanting to answer the phone! lol PHENOMENAL video. Thanks.

[Dagrizzb]

I will either pursue a career in bookkeeping or accounting. Dont know which I want to do. I keep a real close look on my finances, and checking for everything spent. My sheet is constantly balanced. Suggestions?

[KeranSmith]

Really clear explanation and examples!

[normanocampo]

I think the MOST important is the MICRO views of your Financials because it shows the DETAILS of your spending, there is a saying that " A small leaks can SINK a ship" meaning that small spending can be LETHAL to your business because it ADDS up to your expenses. I am NOT an expert but for me seeing the detail that is where the DEVIL is. Correct me if I am wrong.

[sofiyak]

Never seen a job posting for bookkeepers with 0 experience/ no education.

[sergioramos]

Has anyone read the "for dummies" book keeping and accounting books ? Considering picking those up and reading through them a little bit at a time

[juansutton]

Hello!
Do you do past year book keeping such 2019?

[cevahirlacin]

you can't manage it if you can't measure it...

[wendydaniels]

Most of the videos from Lyfe Accounting are really good and spot on, but I have to respectfully disagree with so much in this one. From the rate range that's quoted to the training needed, to the tasks performed by Bookkeepers, none of this information is fully accurate. I've been a Bookkeeping Professional for 24 years and have never charged my clients or paid my employees as little as $10/hr. The attention to detail and the clear grasp of Accounting and financial principles requires at least an associates degree or the equivalent in training to be a good Bookkeeper. There is just so much more I could say, but this video needs to be revamped.