Category:
Book-keeping
Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business.
It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process. Bookkeeping provides the information from which accounts are prepared.
It’s a distinct process, that occurs within the broader scope of accounting. Each transaction, whether it pertains to a purchase or a sale, must be recorded. There are usually set structures in place for bookkeeping that are called ‘quality controls’, which help ensure timely and accurate records.