What is bookkeeping?
Bookkeeping is the process of recording and organising the financial activity of a business. This includes tracking income, expenses, payments, receipts, bank transactions and amounts owed by or to the business.
Why bookkeeping matters for small businesses
Up-to-date records help business owners understand profitability, monitor cash flow, prepare financial information and identify problems earlier.
Which records should a business keep?
Most small businesses should organise sales invoices, supplier invoices, bank statements, receipts, payroll records, tax documents and important business correspondence.
A simple monthly bookkeeping routine
A useful monthly routine includes collecting documents, reviewing bank transactions, reconciling records, checking unpaid invoices and preparing a basic financial report.
When should you get bookkeeping help?
Professional support may be useful if your records are behind, you are unsure whether your business is profitable, or you are spending too much time managing financial administration.