Bookkeeping is the recording of all day to day financial transactions.

Bookkeeping helps you:

• Summarizing your income and expenditure records either weekly, monthly, or quarterly.

• Collect the financial information necessary for filing your various tax returns.

• Use your summaries to create financial reports that will tell you specific information about your business, such as the monthly profit.

• Tracking of income and expenses improves your chances of making a profit.