The technical definition of bookkeeping is to record & maintain every financial transaction of any business. Whereas, accounting is a precise method of identifying, documenting, mapping, categorizing, verifying, summarizing, evaluating and communicating financial information. Every age of business has witnessed and experienced the voyage of Bookkeeping & Accountancy being emerged & evolved in its prime time.
If you peep twenty-five to thirty years back, the businesses in the Indian market were limited to their territory & scope, except some large & renowned organizations of that time. But the number of these big corporate giants was also so small that you could count them on your fingertips. As the businesses & their scope was limited, there wasn't any thorn in their road to success. Everything was short & simple, even bookkeeping & accountancy too. But as the fashion & perspective of doing business had changed, everything was upside down. Businesses started to boom like they never boomed before. The corporate giants have become further gigantic & rich, as the massive amount of money had been procuring. At the same time, the plethora of money was increasing rapidly. In this chaos of money-fetching aura, maintaining the record of transactions has become more complex & difficult.
Fortunately, the cutting-edge technology was evolving in the parallel world of business. It swept away the orthodox method of accountancy and vanished the glitches of bookkeeping & accountancy. One of the brainchildren of prodigy technology is a software system. Many mid-scale, large, and even small businesses have espoused the software-enabled systems. These software systems helped them in handling & maintaining their accounting & financial data.