Why Bookkeeping is important for all business?

Exactly like to prepare a report, you need a source of data, bookkeeping is a source that gets internalized into the financial statements or any other accounting report that you see. With bookkeeping tracking and recording all the financial transactions, it becomes the starting point of accounting. No bookkeeping = No accounting.

Thus, it becomes very important for businesses, small or big businesses do bookkeeping in place.

The following are the importance of bookkeeping:

1. Bookkeeping helps to keep track of receipts, and payments. Sales, purchases, and records of every other transaction made by the business.

2. It helps to summarize the income, expenditure, and other ledger records periodically.

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