What is Bookkeeping?
Bookkeeping is the systematic recording and organizing of financial transactions in a company
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.
Essentially, bookkeeping means recording and tracking the numbers involved in the financial side of the business in an organized way. It is essential for businesses but is also useful for individuals and non-profit organizations.
The person(s) responsible for bookkeeping for a business would record all transactions that are related, including but not limited to:
- Expense payments to suppliers
- Loan payments
- Customer payments for invoices
- Monitoring asset depreciation
- Generating financial reports
Bookkeeping and accounting are often heard being used interchangeably, however, accounting is the overall practice of managing finances of a business or individual, while bookkeeping refers more specifically to the tasks and practices involved in recording the financial activities.
Provincial Tax Authorities
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