Accounting is defined as activities comprising analyzing, recording, summarizing, reporting, reviewing, and interpreting financial information. Bookkeeping is a subsection under accounting, whereby financial transactions are kept on record. The latter is a day-to-day record of transactions, whereas accounting also involves activities such as filing financial reports, communicating the same to shareholders and owners, and a spectrum of other activities that uses the data accrued by bookkeepers. Companies, especially larger ones, often choose to outsource the keeping of financial records to specialized agencies that offer accountancy and bookkeeping services in The Hammocks. Using a well reputed service center in The Hammocksoffers a number of advantages: one can cut down on employee costs since in-house accountants would be no longer necessary, data security and backup systems can be established, this can be less expensive and cumbersome than self-handling the accounts, customer service can be availed round the clock in case of problems, and the same center can also do multiple activities such as file reports and calculate taxes. Common financial statements include the income statement, the balance sheet, The cash flow statement and the statement of retained earnings. Now, a number of specialized softwares are available in the market, which enable speedy and accurate financial records and analyses. Standards for the agencies also exist, so one can trust the services offered by the same.