Bookkeeping vs Accounting | Wonso

Snapshot

• Though often used interchangeably, bookkeeping and accounting play distinctly different roles. Bookkeeping meticulously tracks daily transactions, while accounting interprets these records, producing insights, ensuring compliance, and supporting strategic decision-making.

  In the US, strict IRS requirements and stakeholder expectations mean accurate bookkeeping and robust accounting are non-negotiable. Wonso integrates with QuickBooks Online, enhancing both processes to simplify compliance and enable strategic insights.

  Why Both Roles Are Crucial for US SMEs Accurate bookkeeping creates a foundation for compliance, audits, and informed business decisions. Accounting then leverages these detailed records to deliver regulatory compliance, financial transparency, and meaningful analysis crucial for growth.

  
  

  Role	Key Responsibilities	Frequency
  Bookkeeper	Daily transaction entry, bank reconciliation, payroll journals	Daily to Weekly
  Accountant	Financial statements, tax filings, strategic analysis	Monthly to Quarterly

  
  

  Essential Compliance Requirements:

  • Maintain detailed, accurate financial records (minimum 3-7 years).

  • Adhere to GAAP standards if annual revenue exceeds $25 million.

  Hiring the Right Finance Team:

  • Revenue under $500K: Part-time bookkeeping or Wonso platform

  • Revenue $500K-$10M: Regular bookkeeping supported by quarterly accountant reviews

  • Revenue over $10M: Comprehensive team—full-time bookkeeper, internal controller, external auditor

  Achieving Compliance and Clarity in Five Steps:

  1. Set up automated bank feeds in QuickBooks.

  2. Integrate Wonso to automate categorization and entry.

  3. Monthly reconciliation and accurate closing.

  4. Regular reviews by an accountant to ensure accuracy and compliance.

  5. Export audit-ready financial statements instantly.

Bottom line

Combining precise bookkeeping with strategic accounting isn’t just about compliance—it’s critical for business survival and growth. Wonso provides the smart integration your business needs, turning financial management into an advantage rather than a burden.