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Home/Glossary/Bookkeeping
Accounting

Bookkeeping

The systematic recording, classification, and reconciliation of a business's financial transactions to produce accurate financial statements.

Detailed Explanation

Bookkeeping is the foundation of financial management. It includes recording sales, expenses, payroll, and bank transactions, reconciling bank and credit card accounts, categorizing transactions to a chart of accounts, and producing periodic financial statements (profit and loss, balance sheet, cash flow). Clean, accurate books are essential for tax preparation, lender financing, and management decision-making. Small businesses commonly use QuickBooks Online, Xero, or similar cloud bookkeeping platforms.

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Related Terms

  • Schedule C (Profit or Loss from Business)

    The federal tax form filed with Form 1040 to report income and expenses of a sole proprietorship or single-member LLC treated as a disregarded entity.

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