Bookkeeping is the recording of all financial transactions undertaken by an individual or organization.
The organization may be a business, a charitable organization or even a local sports club.
Bookkeeping is "keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left."
A financial transaction is any event that involves money.
Online bookkeeping allows source documents and data to reside in web-based applications which allow remote access for bookkeepers and accountants.
Typically, a company scans its business documents and uploads them to a secure location or into an online bookkeeping application on a regular basis.
This allows the bookkeeper to work remotely with these documents to update the books.
The demand for small business accounting and bookkeeping is growing at an ever increasing rate.