Bookkeeping is a hard task for any business, including non-profits. It is an integral part of every business, but especially for a small business. It can be defined as the recording of financial dealings and transactions. It is usually performed by a bookkeeper.

Bookkeeping QuickBooks

Bookkeeping Defined

Bookkeeping can be defined as the recording of financial dealings and transactions. These transactions consist of sales, purchases, income, and payments by individuals and organizations. A bookkeeper usually performs Bookkeeping. Keep in mind that bookkeeping is not another name for accounting. This is because the accounting practice is typically performed by an accountant. The reports created by an accountant are collected from the bookkeeper’s recorded financial transactions. Any practice that involves the recording of financial transactions should be deemed a Bookkeeping process. There are some general methods of Bookkeeping, including the “Single-Entry” and the “Double-Entry” Bookkeeping system.

More About Bookkeeping

Bookkeeping should be careful, organized, and detailed to shun errors and to identify errors made by others. The students of Bookkeeping are taught to be discreet and trustworthy, because they regularly come in contact with classified material. They are educated to have fine communication skills, since they work with customers and also need to have significant aptitude for numbers.

Bookkeeping, accounting, and auditing clerks are employed in many industries, including firms that provide accounting, tax preparation, bookkeeping, and payroll services; federal, state, and local governments; and schools. About 1 of 4 bookkeeping, accounting, and auditing clerks worked part time in 2010.

Bookkeeping clerks, also known as bookkeepers, often are responsible for some or all of an organization’s accounts, known as the general ledger. They record all transactions and post debits (costs) and credits (income).

Bookkeeping can be performed efficiently by qualified bookkeepers and they will be able to do it for your business in less time. This is considered by many as a complicated job and you need to have background knowledge to understand the process. It becomes a frustration when you are confused with all the numbers and calculations that need to be understood in order to balance your income as well as your expenses.