Tag: Bookkeeping

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May 27th, 2019 in Finance & Accounts

5 Reasons Why Bookkeeping is Important

Having the capacity to comprehend an organization’s financial position and net income or loss is a crucial task for maintaining a business. Without this information, it’s basically unthinkable for users to make decisions about the system and everyday tasks. Notwithstanding providing important information to the business owner, bookkeeping enables managers to maintain a business effectively…

May 27th, 2019 in Finance & Accounts

Bookkeeping Made Easier for Small Businesses

Small business owners consider bookkeeping as a burden and often end up ignoring its importance till the financial year comes to an end. To make this essential procedure easier, this article brings about certain hacks which small businesses can follow so as to simplify their procedure of accurate bookkeeping.   This article discusses the following…

Updated on May 18th, 2019 in Finance & Accounts

What is Bookkeeping?

We frequently utilize the terms accounting and bookkeeping conversely. Howsoever, in reality, bookkeeping is a part of the accounting procedure that records all the financial transaction. So let us discuss bookkeeping and its disparities with accounting. Bookkeeping Bookkeeping is a process that deals with the activities related to the classification and recording of monetary data…

April 30th, 2019 in Finance & Accounts

Double Entry System in Accounting and Bookkeeping

Introduction Accounting is an art of identifying, recording and summarizing the financial transactions that are measurable in terms of money and analyzing the result thereafter. Further, there are two ways to maintain accounts and they are Single and Double Entry System of bookkeeping. But generally, the monetary transaction is recorded in the Double Entry for…