What is ‘RecordKeeping’? Recordkeeping is a primary stage in accounting that entails keeping a record of monetary business transactions, knowing the correct picture of assets-liabilities, profits, loss, etc. In addition, it assists in maintaining control of the expenses to minimize the expenditure and have important information for legal and tax purposes. In other words, a recordkeeping system is the backbone of any company’s financial structure. To keep records is simply to collect relevant information that can help you to take good decisions and to keep track of activities, production and important events…
Record Keeping (new) | Definition, Importance & Usage
