Viking Bookkeeping

The first thing to understand if you’re going to do your own bookkeeping is the difference between bookkeeping and accounting. If you’re unfamiliar with these practices, you’d be forgiven for thinking they’re the same thing. Many seasoned business people would struggle to put the distinction between them into words. Before you look into how bookkeeping works, it’s important to know what bookkeeping is. Bookkeeping is the process of recording daily transactions and organizing financial documents. Accounting uses the data gleaned from bookkeeping records to make sense of a company’s finances and progress. Simply put, a bookkeeper tracks finances and an accountant analyzes them. Sounds easy, right? Bookkeeping is definitely less daunting when you know it doesn’t require the same math ability as accountancy. Bookkeeping can be easy, as long as you’re organized. It might seem like something you can handle yourself or something you’d rather outsource but either way, you should understand how it works.