Bookkeeping

What is Bookkeeping?

Bookkeeping is the process of systematically recording the financial transactions of a business. This activity involves documenting all monetary dealings, including sales, purchases, income, and payments, to maintain accurate and comprehensive records of a company's financial activities.

Short Description: The process of recording and organizing financial transactions for a business.

• Transaction Recording: Ensures that every financial activity is documented within the accounting books.
• Tracking Financial Performance: Provides essential data for assessing financial status and making informed business decisions.
• Regulatory Compliance: Helps businesses comply with legal obligations by maintaining accurate financial records required for tax filings and audits.

Bookkeeping serves as the foundation for the accounting process, providing the data required for financial analysis, reporting, and strategic planning.