Bookkeeping is the practice of organizing, classifying and maintaining a business’s financial records.

It involves recording transactions and storing financial documentation to manage the overall financial health of an organization

When an effective bookkeeping system is in place, businesses have the knowledge and information that allows them to make the best financial decisions.

Tasks, such as establishing a budget, planning for the next fiscal year and preparing for tax time, are easier when financial records are accurate

Most small business owners do not have the time or resources to handle all of their accounting tasks on their own, which is why hiring a bookkeeper can be such a valuable investment.

Here are some signs that it might be time for your business to hire a bookkeeper:

-You're consistently behind on invoicing and tracking payments.

-You don't have a good handle on your business's financial situation.

-You're spending more time on bookkeeping than you'd like, and it's impacting other areas of your business.

-You're unsure how to file taxes or organize your financial records.

Single-entry and double-entry bookkeeping are both methods of record-keeping for companies' financial transaction data.

Single-entry accounting records each transaction one single time, while double-entry accounting records each transaction twice, once as a debit and once as a credit.

Bookkeeping is a transactional and administrative role that handles the day-to-day tasks of recording financial transactions, including purchases, receipts, sales and payments.

Accounting is more subjective, providing business owners with financial insights based on information gleaned from their bookkeeping data.