Bookkeeping can be daunting. There are various tasks to juggle, and getting it wrong could have serious implications. Fortunately, established processes exist to help businesses and entrepreneurs ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Getty Images / AndreyPopov ...

A basic tenet of double-entry book-keeping is that total assets (what a business owns) must equal liabilities plus equity (how the assets are financed). In other words, the balance sheet must balance.

This fundamental accounting tool tracks both incoming ... or use a "-" sign to indicate an outflow. Others follow a double-entry format where the left side, known as the debit side, records ...