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'Bookkeeping' is one of the functions of financial accounting. Bookkeeping entails maintaining proper records and books for recording complete details of transactions made during the course of business. Business transactions can be classified into several major activities/groups e.g. sales, purchases, assets, etc.

Small business owners are typically fine doing their own books when they're first starting out. They learn how basic bookkeeping works and save money. But when your business starts growing and bookkeeping tasks start taking up too much time, you should consider hiring a bookkeeper.

How to do bookkeeping for a small business Set up accounting software. ... Choose an entry system. ... Choose an accounting method. ... Manage transactions. ... Handle accounts receivable and payable. ... Set up payroll. ... Coordinate with a tax specialist. ... Manage financial statements and documents.

These templates are typically pre-populated or have a range of labeled columns ? and then you simply fill in the blanks with your own financial information. There are a number of free accounting templates for Excel and Google Sheets you can download and import onto your desktop or web app.

For this purpose, the bookkeeper will need to retain certain physical documents in order to keep a track of its financial affairs, like quotations, delivery notes, purchase orders, credit notes, sales invoices, remittance advices, bank statements, paying in slips, cheque books, purchases and expenses from suppliers and ...

A manual accounting system keeps financial records by hand rather than on a computer. These systems may still be common in small businesses that have few transactions and simple finances. Typically, you enter transactions into a paper spreadsheet or a ledger, using a calculator to do any calculations.