Accounting is the art of recording, classifying, and summarizing financial transactions and events. - Accounting is the process of identifying, measuring, and communicating economic information to make decisions. Accounting or accountancy is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. The four branches include corporate, public, government, and forensic accounting.
There are different types of accounting which are as follows:
Cost Accounting - Cost accounting aims to record the total production cost of a business. ...
Financial Accounting - Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time
Managerial Accounting - In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
Tax Accounting - Tax accounting is the subsector of accounting that deals with the preparations of tax returns and tax payments. Tax accounting is used by individuals, businesses, corporations and other entities. Tax accounting for an individual focuses on income, qualifying deductions, donations, and any investment gains or losses.
Forensic Accounting - Forensic accounting is a specialized area of accounting — and a challenging one. A forensic accountant investigates incidents of fraud, bribery, money laundering and embezzlement by analyzing financial records and transactions, tracing assets, and more
Helps to Create Budget - Budgeting identifies current available capital, provides an estimate of expenditure and anticipates incoming revenue. By referring to the budget businesses can measure performance against expenditure and ensure that resources are available for initiatives that support business growth and development.
To Obtain Loans From Banks - It is one of the best banks in Zambia; they provide business loans without any collateral, guarantor, or need of security. They have an easy and quick approval method, plus they also provide attractive offers for its customer.
Decision Making - In management accounting, decision‑making may be simply defined as choosing a course of action from among alternatives. If there are no alternatives, then no decision is required. A basic assumption is that the best decision is the one that involves the most revenue or the least amount of cost.
Most business owners are familiar with Xero, Sage 50, Quickbooks, Freshbooks and other cloud accounting packages. These programs are available online and are accessible through the cloud. They appeal to startups and small enterprises, offering flexibility and cost-efficiency. Find businesses that offer accounting systems and packages that can be used for accounting.