Accounting

Difference Between Financial Accounting And Management Accounting

Accounting / By

Financial Accounting is the external storyteller of a company’s financial journey. It diligently compiles historical data, crafts financial statements, and ensures adherence to rigorous accounting standards. Management Accounting serves as a company’s internal compass, guiding management in their everyday choices, preparing for what lies ahead, and getting the most out of their resources. While financial …

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Ledger Account – Definition, Features, Format, Types and Example

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Ledger accounts are the backbone of accounting, serving as a detailed record of all financial transactions in a business. In this guide, we’ll learn everything about the ledger accounts. We’ll uncover ledger meaning in accounting, why they matter, their characteristics, and how they’re structured, and provide practical examples. Even if you’re a student getting to …

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bookkeeping for small businesses

Easy Bookkeeping for Small Businesses: Why It’s Important and How to Start

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Starting a business is easy, but running it efficiently and profitably is a different story. You can’t run a healthy, successful business without keeping the books in order.  It doesn’t matter if you hire a CA for your business. As the owner, you have to be aware of your business’s finances and have a good …

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Understanding the Basics: What are Day Book Reports in Business Accounting?

Accounting / By

Juggling through a heap of paper bills, and combining them just to track business transactions is time-consuming and therefore frustrating. You, as a business owner, don’t want to do that but surely want to keep an eye on your business transactions! Don’t worry about how will this happen because day book reports make it possible. …

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Profit and Loss Statement: What It Is, How to Calculate It, and Why It’s Important

Accounting / By

Can you say that your business is profitable? Picture this: Your expenses surpasses income, and you find yourself in a pile of bills to pay. Not the news any business owner wants to hear!  That’s precisely why calculating your profits and losses is crucial and profit and loss statement does exactly that. Let’s understand why …

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The Benefits of Small Business Accounting Software for Growing Businesses

Accounting / By

If you are a new business owner who has just started, then keeping track of your daily financing activities on Excel sheets might work for a few months. Once your business starts to gain speed, then there is an increase in the number of customers as well as vendors. In this position, maintaining your daily …

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A Quick-Start Guide – Easy Accounting For Small Businesses

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Owning a business is not an easy task. Throughout the process of delivering a product or service, everything is complex, from coordinating resources to managing employees. Basic accounting for small businesses is one such essential aspect which every business owner should be aware of.  By doing so and by implementing effective business accounting principles from …

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