Bookkeeping has been around for decades and is extremely useful in a variety of industries. Many people have heard the term bookkeeping, but aren’t too sure what bookkeeping actually means. Keep reading to learn all about bookkeeping.
Let’s start with what bookkeeping is. Bookkeeping is the recording of financial transactions and is part of the process of accounting in business.
What goes into bookkeeping? There are many transactions that go into bookkeeping. These transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.
What is a bookkeeping system? There are several standard bookkeeping methods such as the single-entry bookkeeping system and the double-entry bookkeeping system. While these bookkeeping systems are widely used, any process that involves the recording of financial transactions is a bookkeeping process.
Who performs bookkeeping? Bookkeeping is usually done by a bookkeeper who is a person that records the day-to-day financial transactions of a business. They are responsible for writing the daybooks as well which contain records of purchases, sales, receipts, and payments.
To learn more about bookkeeping and everything that is involved with bookkeeping, watch the video above!