The terms accounting and bookkeeping are sometimes used synonymously. However, they are not the same. The following benefits and drawbacks can be used to analyze the differences between bookkeeping and accounting:

Bookkeeping

As a component of accounting in businesses and other organizations, bookkeeping refers to the practice of recording financial transactions. Sales, purchases, receipts, and payments are all considered transactions.

Advantages of Bookkeeping

1. Improved Forecasting of Taxes.
2. Quicker response times for businesses.
3. Quicker Evaluation of Financial Data.
4. Constantly abiding by the law.
5. Quick Reporting.

Limitations of Bookkeeping

1. It takes your mind off of your goal.
2. Managing your stats consistently could be demoralizing.
3. Your books could get messed up by you.
4. It takes a lot of time and money. 

Accounting

Accounting is the practice of keeping track of a company’s financial transactions. The financial statements that are used in accounting provide a succinct overview of the cash flows, financial status, and operations of a business over the course of an accounting period.

Advantages

1. Upkeep of company documentation.
2. Putting together financial accounts.
3. Comparison of the outcomes.
4. Making choices.
5. Evidence in court cases.
6. company valuation.

Limitations of Accounting

1. Estimates constitute the basis of accounting information.
2. Information in accounting could be skewed.
3. Recording fixed assets at their initial purchase price.
4. Account manipulation.
5. The value of money as a measurement tool fluctuates.