Have you ever driven somewhere and had to be there by a specific time? But you left the address behind, so you don't have a map to follow?
Not using a bookkeeping (accounting) system for your business is like leaving the address behind.
An accounting system is your map. The income and expenses are the roadways to your destination: the amount of profit you want to earn.
A bookkeeping system is a place for all the transactions of your business, your income, and expenses to live.
It is a software system containing all the accounting rules that record the financial information and various financial transactions that occur in the business.
The transactions of your business are brought together in the financial statements. They are the balance sheet and the income statement (also called the profit & loss). There are other essential statements, but these are the most important two.
A bookkeeping system tells...