What is bookkeeping?
Bookkeeping refers to the process of recording, organizing, and managing financial transactions and information for a business or organization. It involves systematically documenting all financial activities such as purchases, sales, receipts, and payments to maintain accurate and up-to-date financial records. These records are crucial for monitoring the financial health of a business, preparing financial statements, and ensuring compliance with tax regulations. In Canada, like in many countries, accurate bookkeeping is essential for businesses to manage their finances effectively and meet regulatory requirements.