The short version: a bookkeeper keeps the records accurate and current; an accountant interprets those records and handles formal reporting obligations.
Bookkeeping
Ongoing and operational — transactions, reconciliations, payroll processing, keeping the picture up to date month by month.
Accountancy
Periodic and interpretive — preparing statutory accounts, advising on structure and reporting, and dealing with formal filings.
They work best together
Good bookkeeping makes accountancy work quicker and less expensive, because the underlying records are already reliable. Many Gibraltar businesses use both, in that order.