What Do You Mean By Bookkeeping?

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Bookkeeping is the process of keeping track of all the financial transactions that occur in a business each and every day. However, to fulfill its function, bookkeeping involves a wide range of different duties beyond just the recording of financial transactions.
These other duties could include:

  • Managing accounts receivable and accounts payable
  • Managing the bank books connection
  • Preparing financial statements
  • Helping with tax preparation
  • Handling payroll
  • Paying invoices

All businesses need to collect money from their customers. For example, a bookkeeper’s job may include sending invoices and tracking who needs to pay. Aside from that, they may make payments to the business’s vendors.
Automatic bank feeds are becoming more and more prevalent. It is up to the bookkeeper to make sure all transactions recorded in the bank are being fed into the accounting software. The bookkeeper must enter transactions manually if the business does not have online software.
If you’re using an accountant to manage all your financial transactions, it may be costly. Instead, consider a bookkeeper because they are the ones that organize your financial data.
Bookkeepers have many responsibilities within a business. They are a vital component of the organization, recording, and reporting of a business’s operations.

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