Organisations maintain a process of recording the financial transactions including purchases, sales and all forms of expenditure and income. This process originated from keeping accounts in physical books and is referred to as Bookkeeping. With the development of computer technology and contribution of software, database and remote data storage facilities in saving time and other convenience, most organisations choose digitalisation of financial records. Whether you maintain your financial records in hard copies or electronically, there are standard systems for how they are organised and presented.
As you grow and develop your business, you can rely on DD Chartered Accountant to do daily bookkeeping, ensuring that you are constantly up to date with exactly what your money is doing. Learn more about business transactions, the banking system and double entry bookkeeping. Learn More.
There are two systems in practice – single-entry bookkeeping and double-entry bookkeeping.