Bookkeeping Explained
We all have heard the term "bookkeeping" but what exactly is bookkeeping and how does this affect your business?
In a nutshell, bookkeeping is the process of accurately tracking income and expenses that flows through your firm and serves two main purposes: Record transactions that occurred in your business and to get your books ready for tax preparation. Bookkeepers perform tasks including, but not limited to:
Categorizing transactions
Matching receipts to transactions
Maintaining the Chart of Accounts
Running payroll
Reconciling bank and credit card accounts
Filing various taxes and reports