Bookkeeping is mistakenly considered to be the same thing with accounting. This confusion is quite understandable as the accounting process includes the bookkeeping function, but is just one part of the accounting process. Bookkeeping, commonly referred to as keeping the books, is actually the day to day process of keeping full, accurate, up-to-date business records of the financial transactions of a company. These transactions include sales, purchases, income, receipts and payments by an individual or organization. And the value of these transactions is expressed in certain currency, defined by laws of particular country. Bookkeeping is usually performed by a bookkeeper. In small to medium sized enterprises (SMEs), a bookkeeper may be the only sole financial member of staff. A bookkeeper is one of the most important human assets of a company or SMEs as it's the bookkeeper's responsibility to handle and keep on track the company's entire fina...
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