Bookkeeping And What It Does If you are having problems on keeping track of every transaction that has happened in your business as well as list of payments, all you need is a simple bookkeeping solution. Keeping track with your business is important that is why it is vital to have bookkeeping because it will help you see if you are actually making profit or not and if you are not in good terms bookkeeping will serve as a warning that you have to change something in your business system. The job of the bookkeeper is to make sure to list down every single transaction that has occurred in the business and someone will also make these reports, this type of work is really important if you want your business to stay afloat. Bookkeeping has a know partner and it is accounting, these do work a together to make the business afloat and this will also help the owner understand everything that is happening to his business financially. The both professions are sometimes being mixed together and it is a common misunderstanding. Business owners should know the difference between them so that they can assign them in the job that they are supposed to do. The accountant will work on the financial part of the business, listing down expenses and later on he will be sending this to the bookkeeper for further analysis. The accountant will entirely depend on the bookkeeper because what the bookkeeper will send him/her is what the accountant will work on, the results of bookkeeping will be sent back to the accountant. What the bookkeeper will do is to keep track of every single transaction that is taking place in the business, it is not an easy job, this requires focus and determination because the progress of the business will be determined by you. The bookkeeper also has to check if all the information is correct because it will really affect the business if he is unable to list down all transactions. This will cause a commotion if the numbers are not correct. There are different types of bookkeeping and is used in different fields as well. The common bookkeeping types are single entry and double entry, both bookkeeping systems are important in their own way. You will have to make sure you know the difference between these two systems is that the single entry system will work with the finances and the double entry system will take on the debits and credits of the business.