What is Bookkeeping System?
Bookkeeping is method and process used to record and organizing financial transactions and information within a business or organization. It involves in tracking of income, expenses, assets, and liabilities. A bookkeeping system typically includes various components like journals, ledgers, and financial statements. The main goal of bookkeeping system is to maintain accurate and reliable financial records. It will allows the business owner to track their financial activities, monitor cash flow, assess profitability, and fulfill regulatory and tax requirements.
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