What's the difference between accounting and bookkeeping?
Bookkeeping is the recording of a company’s day-to-day financial records into a journal. 
These day-to-day records are a result of the normal course of business and may include recording sales, invoicing customers, entering purchases, paying bills to vendors, logging inventory into the software, recording payments received to accounts receivable, deposits to the bank account, and checks written. The journal entry includes the date, name of the accounts to be debited and credited, the amount of the entry, and a reference to the source document. These journal entries are written or posted to the company’s general ledger (GL).
Once the journal entries are posted a trial balance is created to be sure there are no errors meaning total debits equal credits.
The accounting process is usually performed by an accountant who will create financial statements for managing the business, provide a payroll service, and complete and file forms with government agencies.
Bookkeeping should not be confused with accounting. Accountants prepare income statements (profit and loss statement), balance sheets, and cash flows statements from the trail balance and general ledgers prepared by the bookkeeper. Sometimes the accountant will need to make adjustments to the trial balance for depreciation or prepaid accounts. These adjusted result in an adjusted trial balance.
Once the financial statements are complete the accountant will review the results with the owner and provide feedback on financial performance and tax advice. If the business owner prefers more in depth financial analysis, consulting, and business planning this may require an outsourced CFO.
Organized financial information and financial statements are the key to business success. Without this organization a business typically struggles.
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