Bookkeeping includes gathering financial data into a recordkeeping system and posting transactions to an accounting system. The definition often includes additional tasks to keep your business running smoothly. If you’re handling bookkeeping for your small business, you’ll work on several basic tasks.
Many small businesses start accounting using Excel. However, managing your books in a spreadsheet can be time-consuming and error-prone. If not managed properly, spreadsheet tabs may not be linked or up to date. In addition, you can’t integrate spreadsheets with bank statements, credit card reports, or payroll records. And if you need someone to help you manage the books, you may find it challenging to train them in Excel. As your business grows, your small transactions also increase. If you’re posting more transactions each month, entering data can make bookkeeping more difficult.
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