What is Bookkeeping?

In accounting, bookkeeping is the practice of recording and organising a business’s financial transactions on a regular basis. 

This process involves documenting all monetary inflows and outflows, ensuring that the financial records are accurate, up-to-date, and categorised correctly. 

Bookkeeping forms the foundation of the accounting process, enabling the preparation of financial reports, monitoring of business performance, and ensuring compliance with tax and regulatory requirements. While traditionally done in physical ledgers, bookkeeping is now predominantly managed through digital software.