Today, most bookkeeping happens digitally, through software like QuickBooks or Xero. The term “bookkeeping” actually stems from the original practice of writing debit and credit transactions in a ledger to account for a business’ financial health.
It records every instance where money flows into or out of the business and why. What is bookkeeping?īookkeeping is the proper recording and organization of a business’ financial transactions. Consider this your crash course in bookkeeping.
#BOOKKEEPING AND ACCOUNTING MEANS HOW TO#
Let’s dive into bookkeeping basics: what you need to know to keep your business’ books in good order-and how to get the most of well-accounted finances.
All you need is a crash course in bookkeeping 101 and the right software on your side. The good news is, you don’t need to be a Certified Public Accountant (CPA) to keep good books. They’re not entirely sure how to set up their books or manage them on a regular basis. Unfortunately, bookkeeping is something many small businesses struggle with. Simple bookkeeping goes a long way toward illuminating the financial picture of your business. Without good bookkeeping, it’s nearly impossible to gauge the financial health of your company, understand your cash flows, or plan for the future. Maintaining your small business’ books is just about the most important part of being a business owner.
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