We often use the terms accounting and bookkeeping interchangeably as they appear to be the same profession. However, both of these professions have their own unique responsibilities and roles.

Although both accounting and bookkeeping are commonly used interchangeably, the two professions have functional overlaps. Both of them deal with financial data and prepare reports.

Due to the rapid emergence and evolution of new technologies such as cloud-based accounting and bookkeeping, the scope of practice in this area has changed significantly. This is expected to require individuals with both technical and accounting knowledge.