Bookkeeping

Recording every transaction accurately and on time.

Example

Categorising each expense and reconciling the bank account monthly.

Bookkeeping is the input; accounting is the interpretation. Bad bookkeeping makes every downstream number and every diligence process worse.

Accounting — Turning bookkeeping records into financial statements and meeting filing obligations.
Cash flow — The actual movement of money in and out of your bank account, as distinct from revenue you have earned but not been paid.
Income statement (P&L) — A statement of revenue, costs and profit over a period. Revenue − COGS = gross profit; gross profit − OpEx = operating profit.

Business banking and payments — Bank accounts, payment processors, invoicing and reconciliation. Unglamorous, and it decides whether you can actually collect money. (12 min)
Bookkeeping, accounting and when you need a person — Software handles bookkeeping. A human is worth it for tax, equity and anything with a filing deadline. (12 min)
Where to actually start keeping books — Day one, with no accounting background and no system. What to record, where to put it, and the three habits that make everything after this easy. (12 min)
Bookkeeper, accountant, CFO — when to hand off — What each one actually does, the order to hire them in, and the parts you should never hand over however big you get. (11 min)