Bookkeeping is the systemic recording and organizing of financial transaction in a company. Bookkeeping is the recording, on a day-to-day basis, of the financial transaction and information pertaining to a business. It ensures that records of the individual financial transaction s are correct , up-to-date and comprehensive. Accuracy is therefore vital to the process. Each transaction , whether it is a question of purchase or sale, is recorded. There are usually set structures in place for bookkeeping that are called quality controls which help ensure timely and accurate records.