Even though words accounting and bookkeeping are often used as synonyms, nevertheless there are difference in the meaning of these words. Accounting is a big picture. It is a system which follows information including employees, records transaction history in the company and allows generation of reports for all key point of business. Accounting includes payroll and it is part of the business that is essential for the companies because sometimes small mistakes can result with huge fines.

Bookkeeping, on the other hand, is systematic recording of amounts, dates, and sources of every realized revenue and expenses. So, accounting should be understand as a system, and bookkeeping as a process that big data put into a system for further processing. The role of bookkeeping is to record business transactions, and accounting gives opportunity to get important information for making decisions and successful business management.