In This Chapter
Keeping business records
Getting to know the lingo
Navigating the accounting cycle
Understanding accrual accounting
Making sense of double-entry bookkeeping
Clarifying debits and credits
All businesses need to keep track of their financial transactions, which is why bookkeeping and bookkeepers are so important. Without accurate records, how can you tell whether your business is making a profit or taking a loss?
In this chapter, we cover the key aspects of bookkeeping: we introduce you to the language of bookkeeping, familiarise you with how bookkeepers manage the accounting cycle and show you how to understand the more complex type of bookkeeping – double-entry bookkeeping.
Bookkeeping, the methodical way in which businesses track their financial transactions, is rooted ...