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Bookkeeping is the meticulous process of recording, organizing, and managing financial transactions within a business. It involves the systematic documentation of income, expenses, assets, and liabilities. Accurate bookkeeping is crucial for maintaining financial health, facilitating tax compliance, and making informed business decisions. It begins with data entry where transactions are recorded in ledgers or accounting software. Next, categorization involves sorting transactions into relevant accounts such as revenue, expenses, assets, and liabilities. Then comes reconciliation, ensuring that records match bank statements and other financial documents. Finally, reporting involves generating financial statements like balance sheets and income statements for analysis and decision-making.
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