Work Smarter – Not Harder

Bookkeeping

The most important terms in time management

Back to Home page

What is bookkeeping?

Bookkeeping is simply the activity of keeping financial records of money that company owes and amounts owed to a company.

Bookkeeping is the way individuals, businesses and non-profit organisations record and keep their financial records in an easily understood way. A knowledge of simple balance sheets that record money coming in and going out is necessary.

Every company should keep accurate records of all the money it owes to its vendors, employees, contractors and all other partners. Equally, every company needs also to record all amounts that are owed to it by its business partners. 

Whether you are running a home, are a club or charity treasurer or have a business, bookkeeping helps keep track of your business performance, cash flow, money, bank accounts and profits. Accurate books are also required by federal and local tax agencies.

Elements of business bookkeeping

  1. billing for goods or services provided
  2. recording receipts from customers
  3. recording payments to suppliers
  4. recording stock depreciation
  5. providing financial reports to auditors or accountants

What is simple bookkeeping?

For simple, low volume transactions you can use asingle entry bookkeeping. This only requires an account book or simple spreadsheets. Whether you choose simple or more detailed double entry system of keeping your books, some essential information has to be recorded:

  • The date
  • A transaction description
  • Whether it’s an income or expense
  • The account balance after the transaction

How can zistemo help with managing your bookkeeping?

Today much bookkeeping is carried out using intuitive computer software. zistemo software tools simplify your bookkeeping, helping you keep track of your finances and saving you both time and money. With zistemo you know instantly how much money is coming in and going out and can access an instant overview of your financial status as well as prepare reports for your accountant.

B Bookkeeping Double Entry Bookkeeping


Related words

E-Invoicing

What is e-invoicing? Everything’s going digital: so why shouldn’t your bills? E-invoicing is a form of electronic billing. In any situation that requires an invoice be issued, an e invoice will suffice.

Commercial Invoice E e-invoicing

Retainer

What is a retainer? Described simply, a retainer is an open-ended contract with a service provider. For this you pay an agreed fee and in return have access to their services when required.

R

Capital

What is capital? Capital is normally referred to as the assets owned or needed by a company to provide their goods or services. When trying to define capital we refer to money, debts or the financial value of physical assets.

C

Corporate Tax

What is corporate tax? Corporate tax is a tax imposed by a government on a business’s annual net profits. Corporate income tax is applied differently depending on the company’s size, classification, and location in the world.

C

zistemo: the productivity booster for your business

No credit card required. Cancel anytime.