Financial Management & Smarter Decision Making

Bookkeeping is the process of recording and summarizing all financial transactions of a business. It includes recording all income and expenses, as well as assets and liabilities. Bookkeeping is important for businesses of all sizes, as it helps to track financial performance, identify areas of improvement, and comply with tax laws.

There are two main types of bookkeeping systems: single-entry and double-entry. Single-entry bookkeeping is a simpler system that only records the total amount of money coming in and going out of a business. Double-entry bookkeeping is a more complex system that records all financial transactions in two accounts: a debit account and a credit account.

Bookkeepers use a variety of tools to track financial transactions, including ledgers, journals, and invoices. Ledgers are used to track the overall financial performance of a business, while journals are used to record individual transactions. Receipts, Contracts and Invoices are used to track sales and purchases.

Bookkeepers are responsible for a variety of tasks, including:

• Recording financial transactions
• Preparing financial statements
• Reconciling bank accounts
• Filing taxes
• Providing financial advice to business owners

Bookkeeping is an important part of running a business. By keeping accurate financial records, businesses can make better decisions about their finances and avoid costly mistakes.

If you have any questions, don't hesitate to reach out to us for a free consultation.