Bookkeeping: meaning, definitions and examples

Used when referring to the routine process of recording financial transactions in a business.

• Sarah is in charge of bookkeeping for our small business
• Good bookkeeping helps avoid financial errors

Used in broader contexts that involve not only recording financial transactions but also interpreting, classifying, analyzing, reporting, and summarizing financial data.

• Jane studied accounting in college
• Effective accounting can provide insights into a company's financial health

A more general term that can be used outside of financial contexts, referring to the act of maintaining records, files, or any kind of documented information.

• Accurate record-keeping is important in a laboratory setting
• Schools depend on detailed record-keeping to track student progress

Typically used in business contexts to describe the detailed recording of financial transactions for a company or organization. It can cover tasks such as recording sales, receipts, purchases, and payments.

• The company hired a new clerk to handle bookkeeping tasks
• Effective bookkeeping is essential for maintaining accurate financial records

A general term that can apply to both financial and non-financial contexts. It means maintaining organized records or documents of various types of information, not limited to financial data.

• Proper record-keeping is vital for legal and tax purposes
• Schools have strict record-keeping policies for academic and administrative purposes

Used in broader contexts to refer to the monitoring and analysis of financial data over time. This can include tracking expenses, income, and financial goals for both individuals and businesses.

• Financial tracking helps you understand where your money goes each month
• Small businesses can use software for financial tracking to stay on budget