Learn about Bookkeeping
What is Bookkeeping?
Bookkeeping is recording of financial transactions on a day-to-day basis and organizing it to maintain steady financial records. Bookkeeping, reinforces the state of business and helps generate consistency in recording, tracking, compliances, paying and reporting.
Bookkeeping lays the foundation for producing the financial statements, assists in managing cash flows & tax compliance since they are inextricably linked. Bookkeeping lessens the tax filing complications and audit. Bookkeeping helps in identifying problems earlier, if any. A precise and consistent bookkeeping allows a business to report and share its financial status with the stakeholders. This activity also gives investors the much needed precise financial information representing the financial position of the business.
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