Bookkeeping is the art of meticulously tracking all aspects of your finances—earnings, spending, assets, liabilities, and equity. This essential practice helps businesses monitor expenses, manage cash flow, and stay compliant with tax regulations. By handling accounts payable and receivable efficiently, bookkeeping ensures timely payments and collections. Its primary goal is to provide accurate, detailed financial data, which is crucial for financial reviews, tax filings, and audits, offering a solid foundation of organized and reliable records.