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Tips of Accounting use

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  • Tips of Accounting use

    Definition of Accounting:

    "Accounting is a summarizing, classifying and recording a transactions and events in a significant manner in terms of money." Accounting is used always in terms of accounts, there we do Journal entries, cash book, profit and loss accounts, balance sheet, trial balance.
    In accounting the two terms are used when we do any kind of transactions, one is debit and second is credit."Debit what comes in" and "Credit what goes out".

    Following are the few important points which we have to keep in mind that where we use accounting and main needs:

    Accounting is used for maintaining their records.

    In accounting we can maintain each and every data in a systematic manner without any error, because it is that type of software's which manipulate the data accurately and efficiently.

    In accounting we always categorized the entries that which will come in debit side and which come in credit side.


    In this we also maintain the business profitability, that how much our business generate the income daily.

    In accounting we also calculate the actual financial position of the business.

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  • #2
    Re: Tips of Accounting use

    yes, Accounting is really used for proper maintenance of your business data. It is really essential for business production. With the help of this you can actually calculate the Profit and loss of your business.
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    • #3
      Re: Tips of Accounting use

      Just to add, KISS. Keep it simple starting out. The simplest form of entity for running your first business is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Internal Revenue Service until you start paying employees.
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      • #4
        Accounting plays an important role especially in running a business. This will determine where the money of the company came from and where will it go. As we all know there is a saying that accounting is the "language of business", because all financial aspects and stuffs are determined by accounting. It is really important that there's an accounting for your business, it can be accounting for small business or big businesses. Also accounting decides whether the business is on the verge of losing money and financial aspects or gaining more money than what is expected.
        Last edited by yazminbarajas; 11-03-2015, 07:34 PM.

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        • #5
          Accounting is essential for all type business, if you maintain business accounts properly it take your business into success path. Some advantages are keep record of all business transactions, manage expenses. We manage all our accounts in spreadsheets, but it not convenient to handle everything so move onto Apptivo accounting software. It pretty good to use and suitable to our necessity.

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