Accounting is one of the most important aspects of running a business. Learn about bookkeeping from an accountant who has been there before!

Bookkeeping is the process of recording all financial transactions in a company’s books. It includes tracking income and expenses, preparing reports, and keeping records of assets and liabilities.

Why Do You Need A Bookkeeper?
If you run a small business, you need to keep track of every aspect of your finances. This includes managing cash flow, paying bills, and making sure everything is balanced.

The Importance Of Keeping Good Records
You should also make sure that you have good records of what happened during the year. These will help you prepare financial statements at the end of each year. They will also help you understand how well your business performed during the year.

How To Set Up A Chart Of Accounts
If you’re looking to set up a chart of accounts, you’ll need to decide what type of accounting system you will use. You can choose between double-entry accounting, where each transaction is recorded twice, once with debit and once with credit; or single-entry accounting, where only one side of the transaction is recorded.

How To Prepare Financial Statements
Once you’ve decided how much work you want to do, you should start by preparing financial statements. This includes recording transactions into your books and then summarizing them into a report.
To Read More: Bookkeeping for CPA
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