Book Keeping & Accounting

Bookkeeping involves the recording, on a regular basis, of a company’s financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions

Bookkeeping provides the information from which accounts are prepared. It’s a distinct process, that occurs within the broader scope of accounting.

Each transaction, whether it pertains to a purchase or a sale, must be recorded. There are usually set structures in place for bookkeeping that are called ‘quality controls’, which help ensure timely and accurate records.

Importance of Bookkeeping

While it may seem obvious, detailed, thorough bookkeeping is crucial for businesses of all sizes. Seemingly straightforward, bookkeeping quickly becomes more complex with the introduction of tax, assets, loans, and investments.

Tracking the financial activities of a business is the truest purpose of bookkeeping, meaning it allows you to keep an up-to-date record of the current incoming and outgoing amounts, amounts owed by customers and by the business, and more.

Benefits Of Bookkeeping Accounting

1. Supports you in accurate budgeting
2. Keeps you tax prepared
3. Keeps records- organised
4. Business targets are simpler to see
5. Complying with laws and regulations
6. Expense management
7. Keep track of company spending