Look upon accounting as the big picture. Bookkeeping is designed to catch and record your initial business data. Accounting then takes the data and converts it into meaningful reports and information including financial statements ...
Bankruptcy! The actual word can bring fear to grown men and that sick feeling to the stomach. The term bankruptcy literally means "broken bench". In days gone by, when a debtor couldn't pay his/her bills, they would break his/her workbench in two as a warning. more..
Accounting is a science that is involved in the recording, monitoring and assessment of the financial affairs of a business at any time. Whereas bookkeeping is a simple system which records business transactions.
A qualified accountant is the logical choice if you want to negotiate a clear path through the labyrinth of the business world. Your accountant is a multi-skilled business professional with the knowledge and experience to help you succeed.
Accounting software will help you run your business better. It should provide helpful information as you need it. It will also help your accountant carry out the completion of your business financial accounts periodically or at the end of the year.
Financial analysis provides the all-important indicators of how your business is running, which will enable you and your managers to address business problems before they cause you loss or threaten the survival of your operation.