What is Bookkeeping

About Bookkeeping
February 3, 2022
Bookkeeping Explained

Bookkeeping is the process of recording, analysing and interpreting the financial transactions of a business or individual. The person undertaking this role is known as a Bookkeeper. A Bookkeeper has to set up financial statements so that an accountant can efficiently perform the legal tax management in a timely manner. A compliant and skilled bookkeeper will be able to produce financial records that show how your business is performing financially. Financial reporting is critical to the future success of any business. All Australian businesses have a legislative requirement to have up-to-date financial records. This not only ensures that the business is paying all its required taxes and payroll obligations but helps the business to know its financial stability

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