Bookkeeping involves the recording of financial transactions and other information related to the business on a day-to-day basis.
The most important aspect of bookkeeping is to keep an accurate account of all records and keep them up to date. Accuracy is the most vital part of the bookkeeping process.
Bookkeeping is constructed to provide the preliminary information needed to create accounting statements. Each transaction must be recorded in the books, and any and all changes must be updated on a continuous basis.