Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.Bookkeeping provides the information from which accounts are prepared. It is a distinct process, that occurs within the broader scope of accounting.Each transaction, whether it is a question of purchase or sale, must be recorded. There are usually set structures in place for bookkeeping that are called‘quality controls’, which help ensure timely and accurate records.