The bookkeeping process entails identifying, measuring, recording, organizing, and maintaining daily and consistent business records of all financial transactions of a business. Smart pro will assist you in keeping track of your business's books in order to make your business hassle-free.
Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business.
All the financial transactions such as sales earned revenue, payment of taxes, earned interest, payroll and other operational expenses, loans investments etc. are recorded in books of accounts.
The way the bookkeeping is managed determines the accuracy of the overall accounting process that is been followed by the business. Thus, bookkeeping ensures that the record of financial transactions are up-to-date and more importantly accurate.
Why is Book-keeping important for businesses?
To produce any type of report, a source of data is required, book-keeping is a source that gets summarized into the financial statements or any other financial reports that you’ll see. With book-keeping tracks and records all the financial transactions, it becomes the starting point of accounting.
Thus, it becomes important for companies, small or large scale to have bookkeeping functional.
Bookkeeping supports to keep track of receipts, payments. Sales, purchases and record of every transaction related to the company.
It helps to summarize the income, expenditure and other ledger records periodically.
It provides information to create financial reports which tells us specific information about the growth of the business.
