Book keeping
Book keeping
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Bookkeeping is necessary for all businesses, irrespective of the size, nature, business transactions, or any specific industry. Upon the commencement of a business, maintaining proper records is essential. The following points state the importance of bookkeeping:
Records the source of transactions
Bookkeeping acts as a source of all the financial transactions of a business since it records all the financial transactions from the source of the transaction, like receipts, invoices, payment notes, etc.
Bookkeeping keeps track of payments, receipts, purchases, sales and records every transaction made from and by the business. The financial statements or other accounting reports of a business are summarised from their books of accounts. Thus, all businesses irrespective of their size, need to have proper bookkeeping in place.
Helps in decision making
A correct and proper bookkeeping process provides companies with an accurate measure of their performance. It also provides information for making general strategic decisions and a benchmark for its income and revenue goals. Bookkeeping is a reliable source for companies to measure their financial performance.
One of the main reasons for bookkeeping is maintaining all financial records of a business that shows the financial position of every head or account of income and expenditure. The companies can obtain detailed information about each income or expense instantaneously through bookkeeping.
Gives information to prepare financial statements
Bookkeeping summarises the expenditures, income and other ledger records periodically. Since bookkeeping records and tracks all financial transactions, it becomes the starting point of accounting. If the bookkeeping of a company is not proper, the accounting of the company will not be accurate.
Bookkeeping provides information to prepare financial reports, which states the specific information about the business on how much profits it has made or the worth of the business at a specific point in time.
Legal requirement
The maintenance of financial statements and books of accounts is a legal requirement under many acts. In the case of banks or companies or insurance companies, the acts that regulate them require such firms to maintain and keep financial records. Thus, bookkeeping becomes necessary for such companies.
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