bookkeeping Definition
the activity or occupation of keeping records of the financial affairs of a business.
Using bookkeeping: Examples
Take a moment to familiarize yourself with how "bookkeeping" can be used in various situations through the following examples!
Example
She is responsible for the bookkeeping of the company.
Example
The bookkeeping department keeps track of all the financial transactions.
Example
Good bookkeeping is essential for the success of any business.
bookkeeping Synonyms and Antonyms
Synonyms for bookkeeping
- accounting
- record-keeping
- financial management
Phrases with bookkeeping
double-entry bookkeeping
a method of bookkeeping in which each transaction is entered twice, once as a debit and once as a credit, to ensure accuracy and balance
Example
Double-entry bookkeeping is widely used in accounting.
single-entry bookkeeping
a method of bookkeeping in which each transaction is entered only once, usually used by small businesses with few transactions
Example
Single-entry bookkeeping is simpler than double-entry bookkeeping.
computer programs designed to help individuals and businesses manage their financial records
Example
Many businesses use bookkeeping software to keep track of their finances.
Origins of bookkeeping
from 'book' + 'keep'
Summary: bookkeeping in Brief
The term 'bookkeeping' [bʊkˌkiːpɪŋ] refers to the activity of recording financial transactions of a business. It is crucial for the success of any business and can be done through methods like double-entry or single-entry bookkeeping. Bookkeeping software is also available to assist in managing financial records.
