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Bookkeeping: The process of recording financial transactions, including sales, purchases, receipts, and payments.
Bookkeeping is the process of recording, classifying, and organizing financial transactions that occur within a business. These transactions can include sales, purchases, receipts, and payments. Bookkeeping is essential for accurately tracking a company's financial activities and ensuring that financial records are accurate and up-to-date.
The bookkeeping process typically involves several steps, including:
Accurate bookkeeping is essential for ensuring that a business is financially stable and compliant with tax laws and other regulations. It also helps business owners make informed decisions about their company's financial activities and future growth. Many businesses choose to outsource their bookkeeping to accounting firms or bookkeeping services to ensure that their financial records are accurate and up-to-date.