Skip to content
Menu
Economic Development Jobs
Economic Development Jobs

What is Accounting?

Posted on April 5, 2022April 5, 2022

When it comes to accounting, there is a lot to know. Terms like accounts payable, balance sheet or transportation tax can be confusing. Fortunately, accounting firms can be hired to help with your business’s finances.


Video Source

But what is accounting and why is it used? keep reading to find out.

Let’s start with what accounting is. Accounting is a useful way of recording and summarizing financial information. Accounting is used to keep financial information organized which helps businesses in making sense of their financial data, and also keeps them compliant with financial regulations.

Accounting has two parts, bookkeeping, and analysis, but bookkeeping is the backbone of accounting. Bookkeeping is the process of recording and summarizing financial information. This involves recording transactions, summarizing financial information, and preparing financial statements. Bookkeeping will tell you things like how profitable your business is, how much your customers owe, and even how much tax needs to be paid.

Analysis, also called management accounting provides info for decision making, planning, and control of the business. For example, information relating to investment decisions, budgeting, and performance measurement.

To learn more about accounting and why it is used, watch the video above!

.

Leave a Reply

You must be logged in to post a comment.

Help Wanted

These may be tough economic times, but there are still plenty of government jobs for the taking! The infrastructure and construction paid for by the federal economic development require thousands of workers to build.

Recent Posts

  • Navigating the Grey Area The Importance of Professional Responsibility
  • What It Takes to Run a Repair Business
  • Specialty American Small Business Resources
  • How to Take Advantage of Online Hiring Now
  • How to Conduct Your Own Electrical Inspections

Calendar

March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    

Archives

Archives

©2023 Economic Development Jobs | Powered by WordPress and Superb Themes!