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People are starting their own businesses every day. If you’re thinking about joining them, you probably have a vision of what you want that business to be. Accounting is generally considered to be the process of keeping track of your business’ finances by logging its accounts payable, accounts receivable and other financial transactions – often with accounting software.
Bookkeepers tend to focus on the details, recording transactions in an efficient and organized manner, they may or may not see the overall picture like accountants do. Accountants use the work done by bookkeepers to produce and analyze financial reports. Although accounting follows the same principles and rules as bookkeeping, an accountant can design a system that will capture all of the details necessary to satisfy the needs of the business — managerial, financial reporting, projection, analysis, and tax reporting.
The importance of accounting in a company or business is to provide information on a company’s financial results or business and its position. This information is usually shared with shareholders. Accounting is the art of analyzing a company’s financial situation up through sales, purchases and expenses. These records must be kept in chronological order.
Accounting is important because it is useful in any work area or business sector. For example, a secretary makes use of accounting data in the management of a company. Also the same company executives must be able to analyze the success of your business by analyzing the financial statements of the past and present.
We need accounting because it is the only way for companies to grow and flourish. Accounting is the backbone of the business world.
We also provide other services such as Immigration Malaysia, Malaysia My Second Home, Accounting Malaysia, Company Registration Malaysia, Business Registration Malaysia, Payroll in Malaysia. Call us now +603-20789990 or visit our website www.BeyondCorporateGroup.com for more information!