what is book keeping

Bookkeeping is the process of recording and organizing a business's financial transactions. It involves keeping track of all the money that comes into and goes out of a business, such as payments from customers and payments made to vendors. Bookkeepers are responsible for ensuring that a company's financial accounts are accurate and easy to review. They play an important role in the operation of a successful business, which can have many transactions in a single day, week, month, fiscal quarter, or year. Bookkeeping is a skill used in both large companies and small businesses, and bookkeepers are needed in just about every business and industry. Bookkeeping as a profession dates back to the 15th century when Italian mathematician Frater Luca introduced double- entry bookkeeping. There are several types of bookkeeping that bookkeepers perform, with single-entry bookkeeping and double-entry bookkeeping being the most common.