Bookkeeping is the process of recording your company's financial transactions into organized accounts on a daily basis. It can also refer to the different recording techniques businesses can use. Bookkeeping is an essential part of your accounting process for a few reasons.

Bookkeepers help business owners manage their finances by documenting transactions, paying and issuing invoices, generating reports, and recording accurate financial data. Bookkeepers can also deliver reports on your business's financial standing.

Known as the accounting cycle, it includes recording business transactions over the course of the reporting period, adding any necessary adjustment entries, producing the financial statements, and closing the books for that period.