If you had to make a list of some of the most critical elements of running a business that most new entrepreneurs don't think enough about until it's far too late, bookkeeping would undoubtedly be right at the top.On a surface level, bookkeeping is simply the process of keeping accurate, thorough records of the financial affairs of any business. But once you begin to dive deeper, you see that it's about so much more than that.It's what allows you to maintain a proper cash flow — something that has long been a major pain point for any organization. It's what allows you to make more accurate and informed decisions regarding growth. More than anything, it's what allows you to start making a plan for the future, which in and of itself is the most important benefit of all.Handling bookkeeping on your own can quickly become a full-time job, which is a bit of an issue since you already have one of those on your plate. But by keeping a few key things in mind, you can enjoy all the benefits of this process with as few of the potential downsides as possible.The Art of Business Bookkeeping: Breaking Things DownWhen it comes to small business bookkeeping, it's critical to understand what you should be doing and, most importantly, when. The financial health of your organization has both short- and long-term ramifications, and the only way to control your own trajectory is to make a list of what you should be doing and why.On a weekly basis, for example, you'll want to pay close attention to things like your cash flow statement and variable expenses. Cash flow is exactly what it sounds like — the money coming into and out of your business. If you're not paying attention to this, you might not realize that you don't have nearly as much money coming in as you think. This is especially true if you're waiting on client invoices to get paid but have no real idea of when they were sent or when they're due.You cannot assume that just because your revenue says one thing, you have an equal cash reserve sitting there waiting to be taken advantage of. Especially in the situation with client invoices outlined previously, that isn't always the case. If there is a sudden business opportunity that you're trying to take advantage of or if you need to pay for an urgent expense like a new piece of equipment or machinery, this is not the time to find out that your accounts don't have as much in them as you assumed they did.Therefore, you need to have a constant idea of how much cash you have on hand, along with the amount of money required to manage critical aspects of your business.Variable expenses are a related concept, which themselves are defined as those expenses that don't have a fixed monthly or annual rate. If you took out a loan to start your business, it's likely that you have a set, predictable monthly payment. Unless you miss a payment and get hit with some type of penalty, that number isn't going to change.Marketing, however, is something that changes all the time — particularly if you're experimenting with all the different types of campaigns that you could run. If you've invested in digital advertising on sites like Google, you're probably not going to hit upon the perfect campaign right away. You'll need to run tests to see what works and what doesn't, which will ultimately impact the amount of money you'll pay. If you move into the world of print advertising and run newspaper ads or design fliers, this too will come with an entirely different set of costs.