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Bookkeeping

It is the process of recording, organizing, and managing a business’s financial transactions. It is essential for accurate financial reporting, tax compliance, and business decision-making.

  1. Empowering Importance of Bookkeeping: Tracks Income & Expenses: Ensures accurate financial records. Simplifies Tax Preparation: Helps in calculating taxable income and deductions. Aids Business Growth: Provides insights into profitability and cash flow. Ensures Compliance: Helps meet legal and regulatory requirements.
  2. Key Bookkeeping Task: Recording Transactions – Logging sales, expenses, payroll, and other financial activities. Categorizing Expenses – Assigning transactions to proper accounts (e.g., rent, utilities, wages). Bank Reconciliation – Matching bank statements with recorded transactions to identify discrepancies. Generating Financial Statements – Preparing reports like income statements, balance sheets, and cash flow statements. Managing Accounts Receivable & Payable – Tracking money owed by customers and payments due to suppliers.
  3. Bookkeeping Methods: Single-Entry System: Suitable for small businesses; records transactions as either income or expense. Double-Entry System: Uses debits and credits for every transaction, ensuring balanced books (widely used).