What is Bookkeeping
Bookkeeping is the process of recording and organizing all the financial transactions for a business. It involves tasks like recording sales, expenses, payments, and receipts. This helps businesses track their financial activities and ensures they have accurate records for decision-making, tax reporting, and overall financial management. Think of it as keeping a detailed financial diary for a business.
Well, imagine trying to navigate a ship without a map or compass. Bookkeeping gives businesses essential navigation. It ensures they have a clear, accurate picture of their financial health always. This way, businesses can make informed decisions, ensure legal compliance, avoid costly mistakes, and even attract investors. Without proper bookkeeping, it’s easy for things to spiral out of control.
