What Is Bookkeeping? – Cleveland Internships

ookkeeping has been around since the beginning of time, and it is efficient in various sectors. Bookkeeping is a term most people are familiar but don’t be aware of what it really stands for. Read on for further details on bookkeeping.

Let’s begin by explaining the meaning of bookkeeping. Recording and maintaining financial records is an integral part of business accounting.

How do you manage your records for bookkeeping? The bookkeeping process involves a variety of interactions. These transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.

What’s a bookkeeping program? There are two types of bookkeeping system: single entry and double entry. These methods of bookkeeping are well-known, however any financial transaction that requires the documentation of financial transactions is classified as to be bookkeeping.

Who performs bookkeeping? A bookkeeper records financial transactions for companies’ day-to day operations. They’re responsible for writing the day books as well, which contain records of purchases and sales receipts as well as payments.

To learn more about the bookkeeping process and all of the other aspects involved with bookkeeping, watch the above video!