The transition from bookkeeping to accountancy involves expanding the scope and responsibilities of financial management. While book-keeping primarily involves recording and organizing financial transactions, accountancy goes beyond that and includes activities such as financial analysis, interpretation, reporting, and decision-making. Accountancy encompasses a broader understanding of financial data and its implications for business operations and strategy.
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It involves the preparation and analysis of financial statements, management of financial records, budgeting, tax planning, and providing financial advice and guidance to stakeholders. Essentially, former one builds upon the foundation of bookkeepings and extends into more complex and strategic financial management functions.
