This will give you a basic understanding of what goes into bookkeeping for your accounting purposes.
Accounting is the preparation of financial statements. Bookkeeping is keeping track of your daily transaction, incoming and outgoing monies.
Without bookkeeping you will not know if your business is making a profit or a loss at the end of the year.
You must always keep your records straight, this aiding if there is ever a discrepancy with your books or the IRS you can find the information quickly and easily. If the IRS comes for information and you can not provide it in a timely manner they can find you.
Make sure your bookkeeping is accurate if not you could be losing money without knowing it.
You have to track every purchase you make from cars to pencils so you know exactly what your profits and losses are, along with reporting them to the IRS.
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