Bookkeeping is the recording, on a day-to-day basis, of the financial statements and information pertaining to a business. One part of accounting focuses on presenting the information in the form of general-purpose financial statements (balance sheet, income statement, etc.) to people outside of the company.
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns but also provides insight for sound business decision-making as well as efficient financial management.