Bookkeeping and accounting serve as the foundation for maintaining accurate financial information, enabling businesses to track their financial activities effectively and ensure compliance with accounting standards.

• Financial Organization: Bookkeeping involves the systematic recording of financial transactions, ensuring easy access to the general ledger and trial balance, both critical for the accounting process.
• Better Financial Planning: The preparation of financial statements, such as the income statement and balance sheet, provides small business owners and business entities with insights for financial planning and business decisions.
• Legal Compliance: Accurate bookkeeping helps maintain an audit trail and ensures compliance with accounting standards. This is especially critical for tax filing, including income tax returns, which certified public accountants or tax experts can facilitate for business entities.