What is bookkeeping?
Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions.
What is bookkeeping important?
Proper bookkeeping gives companies a reliable measure of their performance. It also provides information on general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical.
Many small companies don’t actually hire full-time accountants to work for them because of the cost. Instead, small companies generally hire a bookkeeper or outsource the job to a professional firm. One important thing to note here is that many people who intend to start a new business sometimes overlook the importance of matters such as keeping records of every penny spent.
- Gives companies a reliable measure of their performance
- Provides information on general strategic decisions and a benchmark for its revenue and income goals.
- It is crucial for businesses to keep good records of every penny spent
- Give external users (investors, financial institutions, or the government) access to reliable information to make better investment or lending decisions.
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