Accountancy is the method of managing and maintaining the income and expenses of any business which helps the organisation to have the records of financial status.
The tasks related to accountancy are accounting transactions usually involves several key business transactions are handled by the billing clerk, accountants, payroll clerk and cashier which is dealt with regularly such as customer invoices.
The method of maintaining the record and summarising financial transaction is called Bookkeeping. When the data was created in reports for the uses of company or individual outside the organisation is called Financial accounting. It helps in summarising the financial information produced by bookkeeping to explain account information to shareholders and managers which contribute to the future development and business potential.