What is bookkeeping In Today’s Economy?
Bookkeeping is the recording, on a day-today basis of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of those individual financial transactions are accurate, up-to-date and comprehensive. Accuracy is therefore vital to the process.
Common financial transactions and tasks that are involved in bookkeeping include:
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees’ pay and the related governmental reports.
- Monitoring individual accounts receivable.
- Recording depreciation and other adjusting entries.
- Providing financial report.
For each transaction, there must be a document that describes the business transaction, in the terms of a simple sales invoice, sales receipt, a supplier invoice, a supplier payment, bank payments and journals.
Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit- http://quickbooks.intuit.ca/) is a low-cost bookkeeping and accounting software package that is widely used by small businesses in the North America.
For more information, visit our website at https://envolta.ca/bookkeeping-services/ where there is a comprehensive list of what is bookkeeping for ENVOLTA Inc.