The primary reason why people open businesses is to make a profit. Before obtaining any profit, the firm incurs various expenses such as power costs, salaries and miscellaneous expenses. It is only after deducting these expenses and paying off any debts that the business person realises a profit. Bookkeeping refers to the business task of recording financial transactions. It is one of the core functions of an accountant. If you have a small enterprise that may not afford to hire an accountant, you need to conduct bookkeeping by yourself.