Bookkeeping traditionally refers to the day-to-day upkeep of a business's financial records. Bookkeepers used to simply gather and quality-check the information from which accounts were prepared. But their role has expanded over time, and we'll look at how in the next chapter.

A bookkeeper is responsible for consistently recording daily transactions. As such, the role of a bookkeeper is crucial in a small business for making sure all financial transactions are recorded properly.

What Is Virtual Bookkeeping & What Are Virtual Bookkeeping Services? Like traditional on-site bookkeepers, virtual bookkeepers manage day-to-day financial tasks like recording transactions, reconciling bank and credit card accounts, and processing payroll.

Bookkeeping involves the recording, on a regular basis, of a company's financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions. Bookkeepers are individuals who manage all financial data for companies.