Bookkeeping is very important in business and it is only the account that does it. It is a process of recording financial transactions into organized accounts on a daily basis. It also applies different recording techniques according to the business use. The accountant is always assumed to do an accurate accounting record of the business profits or return of investment. It s a must to have a bookkeeping record; it is essential to a company's sustainability. It is a way to help the business manage its cash flow and meet its financial obligations. Do you have bookkeeping in your business?
Importance of bookkeeping in a business
- Thread starter Starmix
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Bookkeeping is often applied to small businesses and individuals, of course bookkeeping is very important for tracking daily transactions, it is also useful for recording cash reports, income statements and balance sheets. But when I owned a business, I only kept cash records done by a bookkeeper.
But unfortunately the term bookkeeping is almost forgotten by people, users are more familiar with accounting terms which are available in many applications to facilitate financial records and can easily be used without the need for bookkeeper or accounting knowledge.
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- #5
As a matter of fact , it's the bookkeeper that files the income taxes of the business owner. He or she is knowledgeable on this matter. There are many things to be done by a bookkeeper to sustain the business flow.
Bookkeeping is a good business practice but we have gone beyond the traditional paper method of bookkeeping. There are tech tools that would help record financial transactions in a business and also analyze it. With it, you just need to master the software and you don't have to be a career accountant to use it.
All of these can be gotten from a good accounting software like Quick Books. There are even smart bookkeeping apps for mobile. Anyone that does manual bookkeeping in these days and times has a long way to go.
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- #10
Very well said my friend. The bookkeeper's responsibility is very important in a company or business. It's done daily so monetoring is also viewed daily. The management can assess the the total flow of the profit or no profit at all.
Let me ask a question, is there a job designation called a bookkeeper in any organization? This is the first time I am hearing about this. That is because every facet of the business must record transactions. Or there is someone that would go about recording transactions for the different departments of the business?
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- #12
There's a bo
There is a bookkeeper in every establishment in my country. He or she keeps record on the daily cash flow of the business. A bookkeeper plays vital role in every business. The business owners rely on the bookkeeper's duty like filing the income tax return.
Bookkeeping could be regarded as important requirement of a business, which must be implement whether in small level or in high level when I used to have a General Store I was also having record of each and every sale which was very much beneficial for my father move.
Thank you so much my friend. That's why a business owner should hire a professional book keeper before launching his/her business so that you maybe able to save money and gain more time to focus on the most important aspects of your business.
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- #15
That's so right the business owner relies the flow thru data posting on the return of investment of the business and he or she tallies everything and post results through recording which the management can see well.
Let's take for instance a supermarket now. And a sales is being done, instead of the sales person recording the sales on the system, the bookkeeper would come with a book to record the sales. Strange indeed.
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- #17
A bookkeeper is licenced. She or he is designated to work in big establishments not anywhere like in the public market. He keeps records and data of the business not just and ordinary business like fish vendors. There might be none in your country work like this synonymous to an accountant.
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- #19
That's so right, that's the best description of the duties and responsibilities of a bookkeeper. He or she is liable about the flow of the business in good shape or not. It's shown through the records established by the bookkeeper.