Importance Of Bookkeeping

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Bookkeeping Skills: Helping Small Businesses and Families Accomplish Success. Accounting professionals have played an important role within the growth of commerce and private companies. They are the financial backbone that most corporations and individual businesses depend on. There are many responsibilities and levels in the accounting field depending on the establishment, such as auditing, payroll, financial record keeping and reporting. Bookkeeping is vital to success in the accounting field because there needs to be a record of monies spent and received, analyses performed, and ledgers maintained. Some people flourish in the small business world and others have a hard time surviving in the ever changing economy because they are not keeping financial records in proper order from lack of knowing how to do so. Some find themselves having to take out small business loans to stay aloft ending up in a disaster of debt or even at, times, bankruptcy. This also plays an important role in personal lives if they do not know how to monitor spending. It is easy to end up living beyond their means. By keeping records of all income and comparing them to the monthly debt obligation, they might be shocked on how much money is wasted on unneeded expenses, making it hard to live in today’s economy. Hundreds of people, at one time or another have visited a small Ma & Pa shop or family owned business, some just starting or have been around two or three generations. Being from a small town and watching new businesses struggle, others that have been around two or three life time’s close their doors is a troubling sight. To have a successful business they must physically record all transactions or personal budget into correct accounts. Al... ... middle of paper ... ... References American Institute of Certified Public Accountant. (2012). Retrieved March 30, 2014 from: http://www.aicpa.org Cagan, Michele C.P.A. (2006). The Everything Accounting Book. Retrieved March 29, 2014 From www.barnesandnoble.com Campbell, Rhonda. (nd). History of bookkeeping Retrieved. March 30, 2014 from: http://www.ehow.com/about_4740424_history-of-bookkeeping.html Complete Dictionary of Scientific Biography. (2008) Pacioli, Luca. Retrieved March 29, 2014 From: http://www.encyclopedia.com/doc/1G2-2830903265.html Pinson, Linda. (2008). Keeping the Books, eBook 7th edition. Retrieved March 23, 2014 From: Online Library Kaplan University, http://eds.a.ebscohost.com.lib.kaplan.edu/eds/ebookviewer/ebook/bmxlYmtfXzIyNzg0M19fQU41?sid=e4053f77ba6c4e49b0b1520bed796b3@sessionmgr4002&vid=2&format

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