Bookkeeping is essential for business success. Without it, financial decisions become risky, like navigating a busy marketplace blindfolded. Many business owners track sales informally, but good bookkeeping does more—it clarifies cash flow, ensures tax compliance, and prevents financial surprises.
In this short course, you’ll learn:
âś… Bookkeeping basics and key terms
âś… Single vs. double-entry bookkeeping
âś… How to record and categorize transactions
âś… Common mistakes to avoid
Complete the course and take the quiz to earn your certificate—perfect for showcasing your skills to friends and colleagues!
Complete this short course and take the quiz at the bottom to claim your certificate, which you can then show off to your friends and colleagues.
Prefer watching? Click play below! Prefer reading? Scroll down for the full text-based course.
Estimated reading time: 5 minutes
Sir Richard Branson once said, “Good bookkeeping is the foundation of business success.”That means that simply recording financial transactions isn’t enough—you have to do it right.
Bookkeeping helps you:
If you’ve ever wondered where all your profits disappeared to at the end of the month, proper bookkeeping will give you the answers.
Understanding key bookkeeping terms is like learning the language of money. Without them, your financial reports won’t make sense, and making business decisions will feel like guesswork. Here are some terms you’ll use regularly:
Learning these terms will help you better understand your finances and make smarter money decisions.
There are two main ways to record transactions—single-entry and double-entry bookkeeping. The method you choose depends on the complexity of your business.
Single-entry bookkeeping is the simplest method, where each transaction is recorded only once. If you sell tomatoes for GH₵100, you just write it down as income. This method is best for small businesses with basic transactions.
Double-entry bookkeeping records each transaction in two places: one account increases, while another decreases. If you sell a product for ₦2,000, you record ₦2,000 in revenue, but also decrease your inventory by the same amount. This method helps prevent errors and gives a clearer picture of your business’s financial health.
Think of single-entry as keeping a simple to-do list, while double-entry is like using a full planner with tasks and deadlines. If your business is growing, double-entry bookkeeping will give you more control over your finances.
To keep your finances in order, you need to track certain key records. These documents help you see the bigger picture of your business:
Without these records, you won’t know whether your business is truly profitable or just breaking even.
Many business owners struggle with bookkeeping because they find it time-consuming or complicated. However, by following a few simple steps, you can make bookkeeping a seamless part of running your business:
Following these best practices will save you time and prevent financial headaches in the long run.
Even with the best intentions, bookkeeping mistakes happen. Here are some common challenges business owners face and how to overcome them:
Avoiding these pitfalls will make bookkeeping smoother and keep your business financially healthy.
Bookkeeping is not just about recording numbers—it’s about gaining control over your finances and making informed business decisions. Whether you choose to track your records manually, use Excel, or rely on an app like Oze, the key is consistency.
By keeping accurate financial records, you’ll always know where your business stands, avoid cash flow surprises, and confidently plan for the future.
Now that you’ve learned the fundamentals, it’s time to put your knowledge to the test! Click below to take a short quiz and see how much you’ve retained.