There is a need for bookkeeping or outsourced accounting services in every business for a number of reasons. Just as you would need a source of data to construct a summary, bookkeeping is a source that is interpreted in the financial statements or any other accounting report that you read. Bookkeeping is the foundation of accounting since it tracks and records all financial activities. There will be no accounting if there is no bookkeeping. Here, we got some important reasons why small business bookkeeping is essential: