Accountants can perform the accounting work to the purpose wherever they will address the a lot of advanced problems. Having accountants do pre-accounting level work saves cash.
In easy terms, accountancy is to blame for the recording of economic transactions whereas accounting is to blame for deciphering, classifying, analyzing, reporting, and summarizing the monetary knowledge.
The major difference between the two is when the purchases and sales are recorded on the basis of cash or accrual. Tax Accounting- Also known as cash-based accounting, tax accounting is exactly opposite of financial accounting.
Accounting is extremely important for recording the financial transactions in a business. Without accounting, you cannot display the financial health of your business to your stakeholders.