Why Good Accounting Reports Are Important In Any Business

Sara
It is imperative that a business owner keeps proper bookkeeping reports if they want to assure the successful undertaking in regard to their organisation. This article is intending to explore just some of the critical reasons that this is the case. First and foremost, proper bookkeeping records allow for straightforward supervision of your business and permit regular expansion. This is because every business person knows and understands the operation of his/her business but it is also extremely important that they can easily obtain reliable finance facts.

Read More

The best accounting method for small business

Sara
There are two types of bookkeeping or accounting methods. The ‘double entry’ method of accounting was invented in the 15th century. A man named Benedikt Kotruljević first wrote about double-entry accounting in ‘Book on the Art of Trade’ in 1458 and then Luca Pacioli who was Franciscan monk in Milan wrote the 'Summa de Arithmetica, Geometria, Proportioni et Proportionalita' in 1494. This is where ‘double entry' bookkeeping is understood to have started.

Read More

What is Accounting and Why Is It Vital

Sara
Accounting refers to the recording, measurement and analysis of monetary details of a business and is therefore a function that is critical to any business, not only for regulatory purposes but also to ensure the viability of the business. There are various sub-sets of accounting. For example: Tax accounting Every business is required to report and pay taxes. Tax legislation can be extremely complicated and so this is a specialized area of the profession.

Read More