What is Bookkeeping?

Written By The Accounting Student

  • What is Bookkeeping?

    Bookkeeping is the first step of the accounting process which is to gather the financial information of a business. The remaining two is the translation and also communication of information. Someone in the business will use bookkeeping to help keep the business records up to date. Examples may include; the number of sales made in a day, the opening and closing values of inventory, and also expenses such as petrol and advertising. Each month someone will then gather the bookkeeping records for the whole month. Then at year end the records are summarised into the financial statements. Someone will then analyse the performance of the business and assess the return on investment.

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The Accounting Student https://www.theaccountingstudent.co.uk/
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