Keeping tabs on all your financial transactions pertaining to your business is the core definition of "bookkeeping." Wikipedia has a much longer version for the description, but in short its about keeping track of the money coming in and going out of your business.
Bookkeeping done properly is important for several reasons, the first two being:
- You could lose being in compliance with the IRS if you don't properly manage your books.
- "YOU CAN'T IMPROVE WHAT YOU CAN'T MEASURE" - it's true! If you don't know what your numbers are, then you can't measure growth. Plus, un-informed decisions are not good decisions in business. You need to know your numbers.
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