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Because bookkeeping is based on double-entry accounting, each transaction affects two accounts — one gets debited and the other is credited. Bookkeeping is broadly defined as the recording of financial transactions for a business. It’s a key component of the accounting process and can be done as frequently as daily, weekly or monthly. How to

We picked EverBank’s Performance Savings account because it charges few fees overall, including no fee for incoming wire transfers (domestic and international). This account is best for people who value high-quality customer service that’s easy to reach and who don’t mind banking with an online-only institution. Quontic offers competitive rates on all of its interest-bearing

It’s intuitive enough for novice bookkeepers to learn but supports all the elements that a larger business would need, including payroll. While upgrading traditional accounting software is expensive, difficult, and time-consuming, cloud accounting software requires nothing you need to install or update. If you don’t want to pay extra to set up separate accounts for