Retrieved July16, 2010, from Axia College, Weekly reading, aXcess, ACC220-Survey of Accounting Course Web site.
Bookkeeping Bookkeeping is part of the accounting process which is recording financial transactions.it is either done for individual or organisation.accountants use bookkeeping to make reports based on financial transaction recorded.usually,bookkeeping is done by bookkeeper or also called as accounting clerk.well,the accountants make reports from the bookkeeper’s reports on financial transactions done.any recordings of financial transactions is called bookkeeping.there are two methods or ways bookkeeping is done by the bookkeeper.they are single-entry bookkeeping system and double-entry bookkeeping system. Single-entry bookkeeping system is recordings only happens once for each and every transactions.this system is suitable for people
Accounting is a profession that is often overlooked when it comes to choosing careers in business, but it is crucial in keeping the business world turning. Excellent accounting is the lifeblood of any successful business. Accountants keep track of the money coming into a business and leaving a business, as well as debts, expenses, and budgeting. There are several different paths that can be taken in accounting, depending on the sector and field one is in. Some of these fields include tax and auditing, to name two. There are also several sectors that accountants can work in, such as public, private, government, and nonprofit.
Bookkeeping firms help these businesses by performing basic day to day accounting functions such as payroll, accounts receivable, accounts payable and bank reconciliations. These firms may also help implement and operate your own accounting system, allowing monitoring expenses and revenues, identifying trends and tracking budget items. By outsourcing these functions, you can focus on the core operations and growth of your business.
Successful businesses require a significant amount knowledge in many subjects in order to be maintained. The owner of the business generally has most of the responsibilities and must be well versed in multiple fields of business. Accounting is essential to running a successful business because it allows business owners to remain organized and consistent. Accounting also provides business owners with an opportunity to share tangible information with their stockholders showing how profitable their business may or may not be.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
Main view of this report is to explain how the accounting plays a major role in banking, finance and other sectors of business. To decide this, the following questions are explained as follows:
In Financial Accounting accountants prepare only the annual finance statement of any organization and shows if the organization is going in profit or loss. But in Management Accounting the managers have to take the future decisions and steps by looking at the past financial statements. So Management Accounting is very important because one wrong decision can transfer the organizations path or the future. Management Accountants have a responsibility to moral qualities which has to be kept intact by using their various skills, which will ultimately help the shareholders of any organization to retain profits earned from the money invested. Strategy formation by executing plans, budgeting and forecasting, risk management and decision making all these are required as skills in Management Accounting. In Management Accounting a manager has to have knowledge on both the financial and non-financial terms of the business and operational sides of the business. Both the financial and non-financial items are reported and analyzed by the managers to come to any decision. Again, the corporate social performance is also analyzed and a report is made on that. They have to take care of the other points also, i. e, profit of the organization, the final and end users, i. e ,customers and their satisfaction levels, employees of the organization, environmental matters related to the
When I think of a financial manager, accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently, make sure their records are accurate, and that their taxes are paid properly and on time. Accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients. They record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. “The role of the financial manager has expanded beyond traditional responsibilities related to company's finances. A financial manager, through his/her understanding of the company's financial health, the current market, and the goals of the company, helps set direction and guides decision making.” Financial managers perform several different task related to finance for their organization they normally oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.