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The process of recording financial transactions is typically known as the bookkeeping process and involves the preparation of source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts, payments, and expenses by an organization.
The term bookkeeping is often associated with accounting and is considered complementary to each other. While bookkeeping keeps a record of transactions, accounting deals with the process of summarizing & interpreting these transactions. SMEs are likely to achieve extra miles on the financial front if the company’s entire online accounting and bookkeeping services are outsourced.
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