Bookkeeping and your System

What is Bookkeeping?
The simple definition of bookkeeping is,"It is the practice involved in the recording of transactions affecting the operation of a business." Bookkeeping involves a system which records the transactions occurring in a business on a day to day basis. The information recorded in this manner makes up the bookkeeping records.

The bookkeeping records enables the business owner or managers to assess the performance of the business, prepare its financial statements and produce reports and data that allows the business owner to run a more successful business. These records also allows the accountant/advisor to give advice or make recommendations so the business can improve its operation and its profitability.

Importance of Bookkeeping
Putting in a bookkeeping system is one of the most important tasks to do as a new business owner. You will probably need the services of a qualified accountant, or someone experienced in accounting, to ensure the system incorporated will adequately provide good information. This wi...

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