What is the main purpose of bookkeeping?

[riya]

Can you explain what is the main purpose of bookkeeping?

 

[robertwilliam]

"A bookkeeper records the financial transactions of an organization and takes care of day-to-day functions such as recording sales and invoices, paying bills and processing payroll," Stephens said. "Accountants take the financial data and analyze it to help organizations make financial decisions."

 

[jainnorton]

The main purpose of bookkeeping is to systematically record, organize, and track all financial transactions of a business. This provides an accurate picture of financial health, essential for informed decision-making, tax filing, and regulatory compliance.

 

[Shane Warne]

The main purpose of bookkeeping is to record and organize all financial transactions of a business in a systematic way. This ensures accurate tracking of income, expenses, assets, and liabilities, helping businesses maintain financial clarity, prepare statements, meet compliance requirements, and make informed decisions.

 

[Mayank]

The main purpose of bookkeeping is to accurately record and organize all financial transactions of a business. It helps track income, expenses, assets, and liabilities, ensuring financial clarity, compliance with regulations, and a reliable basis for informed decision-making.

 

[Emly]

The main purpose of bookkeeping is to systematically record and organize a business’s financial transactions. This helps track income and expenses, ensure accurate financial reporting, and support decision-making, tax filing, and compliance.