So is bookkeeping a dying profession? The profession is not dying; instead, it's evolving to meet the demands of the 21st century.

You will not have a clear picture of how your company is doing financially. Tracking cash flow and financial reports would be near impossible. This means you will not be able to measure things like recurring variable expenses, hourly wages, shipping costs, overdue invoices, or held inventory.

Yes, a bookkeeper can prepare basic financial statements. These statements, such as the income statement and the balance sheet, are derived from the regular bookkeeping work they perform, like recording daily transactions and ensuring all financial data is accurate and current.