Bookkeeping in a business is responsible for recording the accounting transaction of the business. The bookkeeping will help you to track the business health so that you will be able to make good business decisions. It will also help to manage your cash flow and also help to demonstrate the financial position to a bank. You can keep the records electronically or in paper form. Your records should be secured in a safe place. You must keep the records for 5 years there are situations where you need to keep the records for longer than 5 years.