: Sorting transactions into appropriate accounts like assets, liabilities, and expenses.
Bookkeeping is the systematic process of recording, organizing, and tracking all daily financial transactions of a business. It serves as the foundational layer of a company's financial records, ensuring that every dollar earned or spent is accurately monitored. 📌 Core Responsibilities of a Bookkeeper bookkeeping
: Preparing standard documents like the balance sheet, income statement, and cash flow statement. ⚖️ Bookkeeping vs. Accounting bookkeeping
: Calculating employee wages, withholding taxes, and ensuring timely payments. bookkeeping
: Logging every single purchase, sale, receipt, and payment.
: Tracking money the business owes to vendors and money owed by customers.