They’re related terms but different when it comes to your business’ overall health. Bookkeeping entails the recording of daily transactions in a consistent manner (categorizing transactions, running reports, reconciling accounts, etc.), and it is essential to building a financially sound operation. Bookkeepers take care of day-to-day financials, like posting credits and debits, maintaining the general ledger, and completing payroll.
On the other hand, accounting is more high-level, and it uses the financial information managed/reported by a bookkeeper to generate financial models and guidance.