"A bookkeeper records the financial transactions of an organization and takes care of day-to-day functions such as recording sales and invoices, paying bills and processing payroll," Stephens said. "Accountants take the financial data and analyze it to help organizations make financial decisions."

Bookkeeping does not show the financial position of the business as it is only concerned with recording. Accounting shows the net results of the business, including profit earned and the assets and liabilities of the business. Accounting concepts and conventions are followed in Bookkeeping.

Another vital aspect of a bookkeeper's role is managing payroll and benefits for the employees of a business. They ensure that employees are compensated accurately and on time, and they manage any necessary deductions or potential adjustments.

On a day-to-day basis, Bookkeepers complete data entry, collect transactions, track debits and maintain and monitor financial records. They also pay invoices, complete payroll, file tax returns and even maintain office supplies.