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When done by an experienced small business bookkeeping, it is responsible for maintaining all accounts of a small business firm including all sources of income, expenditure and all transactions. They entail making daily, monthly, weekly and other necessary business transactions alongside accounting for accounts both payable and receivable, making and comparing bank statements among other necessary business financial reports. These records make it easy for a business to understand its financial status, take right decisions on areas to invest on and be prepared for tax seasons. Further, when used well, third party accounting helps in identifying cash flow problems/challenges at an early stage thus enhancing problem solving.