What Is General Bookkeeping?

General bookkeeping is the ongoing process of recording, organizing, and maintaining a business’s financial transactions to keep financial records accurate and up to date.

Bookkeeping tracks where your money comes from, where it goes, and what your business owes or is owed—so you always know your financial position.

What General Bookkeeping Includes

General bookkeeping services typically cover the day-to-day financial activities that keep your business running smoothly, including:

• Transaction recording – Tracking sales, expenses, payments, and receipts

• Accounts management – Managing accounts payable (what you owe) and accounts receivable (what customers owe you)

• Bank & credit card reconciliations – Matching your books to bank statements to ensure accuracy

• Ledger maintenance – Organizing income accounts, expense categories, and the general ledger

• Invoicing & bill management – Creating invoices, tracking payments, and managing vendor bills

• Payroll recording – Logging wages, taxes, and benefits (payroll processing may be handled separately)

• Financial reporting – Preparing Profit & Loss statements, Balance Sheets, and Cash Flow summaries

Why General Bookkeeping Matters

Consistent bookkeeping helps businesses:

• Keep financial records accurate and organized

• Track profitability and cash flow

• Stay compliant with tax and legal requirements

• Simplify tax preparation and financial reporting

For small businesses, bookkeeping is the day-to-day system that keeps finances organized, compliant, and informed—supporting better decisions and long-term growth.