Keeping accounts is important to every business, including small and medium business also. Bookkeeping is the first step in keeping records of financial transactions which includes records kept in a journal, ledger, accounts receivable and payable, etc. Bookkeeping is important as it keeps track of the company’s money, show how the company performs on a daily, weekly or monthly basis, and help to prepare the company’s income tax return. Bethany Wesch (writes about blogging, branding and online marketing), writes in her article about different general accounting systems that all small businesses are expected to have. Read more at: http://www.business2community.com/finance/important-accounting-systems-all-small-businesses-should-have-in-place-0324326