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. Bookkeeping has similarity with accounting, both professions work with a list of things or costs that have undergone in your business and this is really helpful so that you can avoid being cheated. A business owner without any bookkeeping assistance will really have a hard time in doing everything right because he can’t simply do all the work, it is important that the owner will keep track with everything that is happening especially money that is going out of his pocket, he has to make sure that the money that is spent will go into good use. 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 work of the bookkeeper is to wait for the report of the accountant to be done, the accountant will be working on the financial status of the business and later on send a report to the bookkeeping personnel. The owner will depend on the work of both bookkeeper and accountant because they will be working together on handling his business as well as money, the bookkeeper then will list down all expenses and verify them and then send it to the accountant where he/she will be making a report on all the expenses made. 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 a lot of types in bookkeeping, they have different systems that are used in specific fields. The use of bookkeeping systems will depend on the kind of field it will be performing, there are two common bookkeeping systems, they are single bookkeeping system and double bookkeeping system. 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.