Bookkeeping
About Bookkeeping
Bookkeeping is the process of recording and managing financial transactions for a business or individual. It involves keeping track of all financial activities, including sales, purchases, receipts, and payments. Bookkeeping ensures that financial records are accurate and up-to-date, which is crucial for financial reporting, budgeting, and tax purposes.
Key tasks in bookkeeping typically include:
- Recording daily transactions
- Managing accounts receivable and payable
- Reconciling bank statements
- Generating financial reports
It’s a fundamental part of accounting, but it focuses more on the day-to-day recording of transactions rather than the broader financial analysis and planning that accountants often handle.