Records are organized accounting and financial documents that summarize your transactions and include the documents to support these transactions.
Bookkeeping involves the recording, storing and retrieving of financial transactions for a PROFIT AND NON-PROFIT ORGANIZATION, individual, PARTNERSHIP etc.
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees' pay and the related governmental reports.
- Monitoring individual A/R.
- Recording depreciation and other adjusting entries.
- Providing financial reports.
Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions.
Accurate bookkeeping is also crucial to external users, which include investors, financial institutions, or the government that need access to reliable information to make better investment or lending decisions. Simply put, the entire economy relies on accurate and reliable bookkeeping for both internal and external users.
That’s why we say you worry about your business, we’ll worry about your books