Bookkeeping And What It Does Bookkeeping solution can help you understand more about the list of things you have done in your business, it can also help you keep track with everything that you did in certain time. Professions concerning about keeping track of things that you’ve used as well as bought and other expenses are really important if you are a business owner because this is where you can see the progress of you business. It is the bookkeeping that makes the business afloat because sometimes when the owner doesn’t keep track with the expenses this will sometimes result into loss of revenues as well as profit. This will spell trouble for a owner because it is really hard to stand up from losing a lot of money. There are two professions that are involved in keeping a list of record that has happened in the business, they are bookkeeping and accounting, both work hand in hand to generate a list of all the transactions and financial reports that should be delivered to the owner. It is important that the owner knows about everything that his business is spending on so that it will avoid any confusions and future problems concerning the placement of the money. The accountant will work on with the income and balance of the business because he/she will be dealing with the numbers of the business as well as financial use. The owner will depend on the work of both bookkeeper and accountant because they will be working together on handling his business as well as money, the bookkeeper then will list down all expenses and verify them and then send it to the accountant where he/she will be making a report on all the expenses made. What the bookkeeper will do is to keep track of every single transaction that is taking place in the business, it is not an easy job, this requires focus and determination because the progress of the business will be determined by you. It is important to have everything in top shape because if there is a single penny missing in the list the owner will really ask where the money went, it is important that every single transaction is listed. There are a lot of types in bookkeeping, they have different systems that are used in specific fields. There are two common bookkeeping systems, namely the single bookkeeping system and the double bookkeeping system. Both systems are used differently and will depend on the kind of field they are used. Both systems are used in different types of work, the single entry system will work on the business’ financial activities while the double entry system will always be about the companies efforts in using debit and credit.