Bookkeeping

Bookkeeping is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements.

A bookkeeper is the official record keeper of your business's financials. Keeping clear business records is important. It helps you understand how much money is owed to you, how much you owe and will prevent you from making costly – not to mention illegal – errors. It can also help you monitor your business and identify sources of income.

Below is a list of records that you should keep accurately and orderly:

Payroll and employment taxes
Sales and purchases
Expenses
Bank statements
Profit and loss statements
Cash flow analysis