Accounting is the structured process of recording, organizing, summarizing, and interpreting financial data to provide meaningful insights and ensure compliance with legal and regulatory standards. This includes the preparation of financial statements and supporting strategic decision-making. Bookkeeping, as a foundational element of accounting, focuses on the meticulous documentation of daily financial transactions like sales, purchases, receipts, and payments. Together, these interrelated functions form the backbone of accurate financial management, enabling businesses to maintain transparency, meet statutory obligations, and drive informed growth.