Record Keeping and the Accounting Process

Accounting is a process-oriented task that follows a prescribed series of steps in order to keep track of, and record, the balances of the various accounts. When a business makes a transaction, the effect of that transaction is recorded in the accounting system. According to the fundamental accounting equation, each transaction will affect at least … Continue reading Record Keeping and the Accounting Process

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Understanding Accounting: Accounts Receivable

The accounts receivable side of the accounting sheet is the side many businesses must allocate an entire department’s resources towards maintaining, monitoring, and collecting. Quite often, businesses have failed not because they weren’t profitable, but because they weren’t collecting on sales and their cash flows were inadequate. That’s an awfully hard place to be, to realize your … Continue reading Understanding Accounting: Accounts Receivable

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Understanding Accounting: Accounts Payable Function

The accounts payable function of accounting is an area that requires close monitoring and accurate record keeping, unless you ‘d like to pay for things you don’t receive. Everything that you purchase in the course of operating your business is termed an “account payable”. How you choose to pay for that merchandise, may vary. Some small items … Continue reading Understanding Accounting: Accounts Payable Function

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Understanding Accounting for your Businesses: A Green Light for Success

By now you should have a little better understanding of the accounting process, some of the more important parts, and a glimmer of hope in your ability to perform the bookkeeping requirements. Okay I’m kidding, you don’t have a clue about the bookkeeping function; you just simply want to keep better tabs on your accountant! Well, … Continue reading Understanding Accounting for your Businesses: A Green Light for Success

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