There are many terminologies entrepreneurs must familiarize themselves with to gain a better understanding of their business operations. Among them are bookkeeping and accounting. Both encompass the financial aspect of
Account reconciliation is the process of comparing financial records or account balances against records obtained from internal or external sources to check if the figures are correct and consistent in
For business owners to succeed in running their businesses, they not only need to market their products and services but also maintain a healthy cash flow. To do so, they
For many entrepreneurs, record keeping and accounting are the backbones of a smooth business operation. These administrative tasks require recording source documents for business operations and financial transactions, which is
The bookkeeping and accounting records play a vital role in helping you evaluate your small business’s financial health and performance and prepare for your taxes and other government compliance obligations.
Bookkeeping and accounting are considered the backbone of a smooth business operation. However, many people get confused between the two terms as both have relation to financial reporting and used
Bookkeeping is the systematic recording and organizing of financial transactions and information pertaining to a business on a day-to-day basis. Accuracy is a vital part of the process as it