Bookkeeping and Accounting both share one common goal that is Finance Management. The aspects which come under finance management are:

1. Accounting and Bookkeeping
All You need To KNow
Bookkeeping and Accounting both share one common goal that is
Finance Management. The aspects which come under finance
management are:
 A complete record of the fixed sources of income and the
expenses incurred. This helps in calculating your cumulative
profit and helps you set goals to improve.
 Keeping a track on all the variable financial transactions that
have been done for business improvement.
 A documented record of all taxes to be paid and exemptions
if any.

2. Accounting and Bookkeeping: The Basics of Financial Management
The finance management goals can be met only when following
steps are taken care of in a well-organized manner.
Keep All Your Financial Transactions Receipts
All the fixed incomes and expenses by an organization are in their
financial receipts. So be it a hard copy or a soft copy, keep all your
receipts. All the sales were done and the profits earned by a business
should have a separate record which states the amount, date, and
purpose of the transaction. To maintain proper receipts, your first
business purpose is to invest a few Australian dollars into installing
an accounting and bookkeeping system that meets all business
requirements.

3. Maintain Records As Per The Volume of Your Profits
Accounting and Bookkeeping not only revolve around keeping your
receipts in an organized manner but also it focuses on maintaining a
copy of those receipts as records. The frequency with which the
records for a business should be updated largely depends on its
profit margin. If the business is flourishing with daily sales a daily
record should be maintained. Also, few companies which do yearly
audits, monthly checking and updating should be done. Software like
SAP is being installed in every large business for this particular
purpose whereas small businesses prefer a simple computerized
bookkeeping that is updated regularly. Thus the next step that
businesses should take is purchasing a bookkeeping software or
designing one in order to maintain the record of all transactions. This
will help a business be on its toes by helping recognize the profits
and losses.

4. Learn How To Create A Basic Template For Accounting and
Bookkeeping
AASB has all information you need to know about accounting in
Australia. Accounting and Bookkeeping is responsible for connecting
the key dots of business when it comes to finances. A template will
help you point out all your expenses and compare them against the
profits. Thus it is necessary that you learn how to make a well-
organized accounting and bookkeeping template. It can be a
designed in a way as to separate the profits on a monthly basis and
display a cumulative yearly report. This will not only make audits
easier but also help you understand your own finances better. The
template of your financial report should be able to able to combine
all the data and organize it in accordance with your business
requirements. This will help you get the picture and position of your
business in the current market.

5. The Key Elements in Accounting and Bookkeeping
There are certain key elements or metrics of accounting and
bookkeeping that sums up the entire financial management
structure. Let us look into it elaborately.
The Inflow and Outflow of Australian Dollars
Dollars guide the accounting and bookkeeping business. All the
business receipts are centered around them. The inflow or profits
and the outflow or disbursements are what must be primarily
tracked. Therefore the bookkeeping methods should revolve mainly
around making this process easy to understand and maintain.
Basically maintaining a separate accounting section for inflow and
outflow or the sales and purchases helps in this case.

6. The "Receivable" Amounts and Loans
When a business is making a sale, the amount the customer has to
pay comes under the "receivable" amount. If a business lends a part
of its money at an interest rate, the amount payable comes under
"loans". These are two important cash gates that an accounting and
bookkeeping software should regularly maintain in order to avoid a
major financial glitch.
The Inventory Amount
Inventory is the amount a business has in its stocks. Thus it is
basically Australian dollars maintained safely. This amount must be
regularly checked in order to track any loss or mishap. Counting this
amount and updating it periodically irrespective of the fact that it
remains the same or not is an important part of accounting and
bookkeeping.

7. The Total Payable Amount
The amount payable includes the bills of purchases, the taxes and
the loans to be paid off. This record should be well maintained as a
part of the accounting and bookkeeping as it will prevent losses later.

8. Payroll
The major cost of a business goes into payroll or payment for
employees. Thus keeping this part updated is important as it includes
a lot of factors like benefits, allowances, and hikes. A huge part of
accounting and bookkeeping concerns the payroll and thus keeping
that part well organized in essential for the benefit of your business
as well as employees.
The Equity Amount
The amount a business invests in equity shares comes under this
category. It basically shows the amount each shareholder of the
business has invested in the company shares. Maintaining a record of
this is essential in order to know how the share money is distributed

9. and the interests that have to be paid out. A separate section should
be maintained for updating this record as far as bookkeeping is
concerned.
The Re-Invested Amount
The Re-Invested amount is also known as earnings retained by a
business. This means the profits done by a business that is not paid
to a third party. Instead, it is invested in the business again. Thus this
figure is a cumulative number that keeps growing as the company
expands. Maintaining this amount while bookkeeping is important as
it shows the financial graph of your business thus helping you
analyze the growth.

10. To summarize, accounting and bookkeeping is that effective tool that
keeps your financial records running smoothly by showing you a
clear picture of the dollars that you have profited.