Bookkeeping is the process of keeping track of what is going on financially speaking. This can be a business or a personal need. It is the recording of money in and money out. The sources of income as well as types of expenses are defined, organized, quantified and compiled into an orderly presentation.
How can this be done?
- The business owner creates a system and takes responsibility for doing the “process” regularly and accurately.
- An on-site bookkeeper comes to the business location once a day… once a week… twice a month… whatever is needed to update the financial records of the firm in a timely manner.
- The financial tools of the company (checkbook register, bank statement, credit card statements, cash paid out register, mileage log) are gathered monthly and presented to a bookkeeping company that tabulates the information presented and returns everything to the company
- All of the above can be done through a cloud (online) environment as well as in person.