This question will elicit numerous ideas and replies from participants and the trainer should carefully note these down. To protect these assets and, especially, to make them grow, managers of income generating economic activities often have to decide how to use their enterprise's resources in a coordinated and cost-effective way. Careful thinking must be done before the decision is taken. This is what we call management.
Good management means having accurate information on which to base decisions.
Bookkeeping review Definition As we have just pointed out, all operations should be recorded and used as a basis for decision-making. If we do this we will be able to keep our accounts in an orderly fashion. Bookkeeping is an essential management tool, a requisite for good management. Bookkeeping consists mainly of establishing accounts from the entries of the enterprise's various operations. First, each operation is recorded daily in a journal.