Persons with little knowledge of accounting may also fail to understand the difference between accounting and bookkeeping. Bookkeeping means the recording of transactions, the record-making phase of accounting . The recording of transactions tends to be mechanical and repetitive, it is only a small part of the field of accounting and probably the simplest part.

Accounting includes the design of accounting systems, preparation of financial statements, audits, cost studies, development of forecasts. Income tax work, computer applications to accounting processes, and the analysis and interpretation of accounting information as an aid to making business decisions. A person might become a reasonably proficient bookkeeper in a few weeks or months; to become a professional accountant, however, requires several years of study and experience.