Accounting Guide: All About Accounting

What is Accounting?

Accounting is the process of recording the financial transactions of a business. The accounting process includes analysis, reporting & summarizing the transactions of a business. Accounting is one of the key functions for almost any business and is essential irrespective of business size – small or big. An accountant manages it within the company or accounting firms.

The reports generated by an accountant for a business, such as financial accounting, cost accounting, tax accounting, cost accounting and managerial accounting, are crucial in helping business management make informed business decisions.

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Benefits of Accounting?

For an accountant, the accounting process is a back-office role where they do not interact directly with customers, product developers, or manufacturers. However, accounting plays a key role in a company’s strategic planning, growth, and compliance requirements. A few of the benefits are here:

  • It helps in measuring the performance of your business
  • It ensures Statutory Compliance
  • It helps in Preparing Budget and Future Projections
  • It helps in Filing Financial Statements
  • It helps in Preventing Financial Crises

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