From the course: Financial Tactics and Tools to Run Your Business
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Bookkeeping 101
From the course: Financial Tactics and Tools to Run Your Business
Bookkeeping 101
Accounting is the theory and the language that we use to record all the transactions of your business. But how do you actually do that on a day to day basis? And that is bookkeeping. Bookkeeping is actually based on a concept where you had three sets of books where you would physically write all of the transactions that happened in one, all the accumulation of those transactions in a second. And then in the third you would aggregate the ending balances of all those. It was a lot of algebra, a lot of pencil and paper work done by candlelight for you today. You don't have to worry about any of that bookkeeping. This is the process by which you are able to tell an accounting software what happened. There has been amazing leaps in banking, technology and all you need to do is to log in to a bookkeeping software into your bank account. That's the magic. It's night and day. And as an accountant, I can't geek out about this single concept enough. But what happened to a double redundancy…
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