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Book-keeping belongs to the field of financial administration and its essential purpose is to compile the financial year-end statement in the form of a balance, profit and loss account, and includes notes to the annual financial statements. One of the responsibilities of book-keeping is therefore the systematic capturing, the chronological sorting and the entering of all accounts accumulated during a business period, in a standard and quantitative way. The work is done according to generally accepted accounting practices. These practices differentiate between the simple income-surplus invoicing, that is allowed for small businesses, up to a maximum profit of 25 000 Euros, and the double entry book-keeping, which requires a cross entry for every entry. This means there always has to be a balance between debit and credit regarding the various inventory and profit accounts.
Book-keeping has to comply with national legislation, particularly the trade and tax laws and for this reason accountants frequently work closely with tax consultants and chartered accountants. Controlling is concerned with management accounting, in particular with the calculation of costs, and is based mainly on the data acquired from book-keeping. Financial accounting is dependent on book-keeping and provides external users of accounting with information about the state and development of the business or of a related field. Book-keeping also includes the checking and payment of incoming accounts, as well as supervising the prompt payment of running liabilities on specified dates. Furthermore, book-keeping together with the purchasing department, reconciles the incoming stock and the invoices of the suppliers. In co-ordination with the marketing and sales departments, book-keeping is also responsible for issuing customer accounts, managing debtors and the stipulated payment dates. Book-keeping is normally also responsible for the supervision of collection proceedings. Salary advices are usually a separate component of book-keeping, which facilitate reconciliation with the human resources department. In order to provide management with instant information, most companies nowadays use Microsoft Office software and powerful computers to do book-keeping. Providers of commercial business standard software integrate book-keeping as part of their respective applications. It is therefore important for new businesses, as well as for long existing and established companies, to inform themselves of the various possibilities regarding the management of book-keeping. By using Microsoft Office software, as well as outsourcing book-keeping activities to specialised book-keepers and /or tax consultants, the workload can be simplified and increased savings achieved. Book-keepers and tax consultants are competent contacts and can provide valuable information, for example, in legal issues when starting a new business venture.
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