For the uninitiated, bookkeeping refers to the practice or profession that involves recording the accounts and transactions of a business. Many people often confuse bookkeeping with accounting. However, both the terms are quite different. Bookkeeping is an essential element of accounting. As such, it is not only important for individuals, but for all kinds of businesses as well. In fact, even not-for-profit organisations require bookkeeping services. It is worth mentioning that bookkeeping by itself, does not involve the creation of accounting and / or financial statements. However, it does help in revealing the inflow and outflow of funds from a business.
By definition, bookkeeping refers to the process of physically recording the individual transactions of a business into the correct accounts. As such, bookkeepers would typically need to identify and categorise the origins of all incoming funds. Therefore, professional bookkeepers would need to segregate all inflowing funds into their respective heads.
For instance, any business will typically receive some funds from investments, loans, sales etc. In a similar manner, they would need to identify the different heads for outgoing funds too. In many cases, business expenses typically involve loan payments, the payment of dividends to stock holders, the payment of compensation to employees etc.
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