Bingham says that the bookkeeping community frowns upon commingling business and personal funds. Developing a strong foundation in accounting empowers you to confidently navigate the financial world. Understanding key accounting principles, like accrual accounting or the matching principle, will help you interpret financial statements and make informed decisions. It helps the small business owner prepare financial records, keep track of cash flow and help prepare for the future. Hiring a bookkeeping service is about more than just finding someone who can use a calculator and understand QuickBooks.