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Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.
In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc.
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. Each transaction transfers value from credited accounts to debited accounts. For example, a tenant who writes a rent cheque to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the rent income account associated with the tenant and a debit for the bank account where the cheque is deposited.
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. A ledger account is created for each account in the chart of accounts for an organization and is classified into account categories, such as income, expense, assets, liabilities, and equity; the collection of all these accounts is known as the general ledger. The general ledger holds financial and non-financial data for an organization. Each account in the general ledger consists of one or more pages. An organization's statement of financial position and the income statement are both derived from income and expense account categories in the general ledger.
A ledger is a book or collection of accounts in which account transactions are recorded. Each account has an opening or carry-forward balance, and would record each transaction as either a debit or credit in separate columns, and the ending or closing balance.
Single-entry bookkeeping, also known as, single-entry accounting, is a method of bookkeeping that relies on a one-sided accounting entry to maintain financial information. The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking account register, except all entries are allocated among several categories of income and expense accounts. Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses. To save time and avoid the errors of manual calculations, single-entry bookkeeping can be done today with do-it-yourself bookkeeping software.
In bookkeeping, accounting, and financial accounting, net sales are operating revenues earned by a company for selling its products or rendering its services. Also referred to as revenue, they are reported directly on the income statement as Sales or Net sales.
Accounting software is a computer program that maintains account books on computers, including recording transactions and account balances. It may depends on virtual thinking. Depending on the purpose, the software can manage budgets, perform accounting tasks for multiple currencies, perform payroll and customer relationship management, and prepare financial reporting. The first accounting software was introduced in 1978. Since then, the accounting software has revolutionized from supporting basic accounting operations to performing real-time accounting and supporting financial processing and reporting. Cloud accounting software was first introduced in 2011, and it allowed to perform all accounting functions through the internet.
The following outline is provided as an overview of and topical guide to accounting:
AME Accounting Software is a business accounting software application developed by AME Software Products, Inc. AME Accounting Software includes Payroll, General Ledger, Accounts Receivable, Accounts Payable, 1099 Vendor Management, MICR check printing, and Direct Deposit. The software is mostly used by small and medium-size businesses, as well as accounting practices that process payroll and do bookkeeping for other businesses. AME stands for Accounting Made Easy.
WorkingPoint is a web-based application providing a suite of small business management tools. It is designed to offer a single point-of-access for all business management needs while offering a user-friendly interface. WorkingPoint’s functionalities include double-entry bookkeeping, contact management, inventory management, invoicing and bill & expense management.
NewViews is accounting software that is developed and distributed by Q.W.Page Associates Inc., a privately held company based in Aurora, Ontario, Canada. NewViews is noted for its integrated, non-modular approach, which enables the total financial cycle to be updated instantly as each transaction is added. It also allows users to customize nearly every aspect of a set of books. This flexibility comes with a trade-off, however, as NewViews is perceived to have a long learning curve, and to require an investment of time and effort to create a customized accounting solution. In a software review published in InfoWorld, NewViews was compared to "going to a tailor and handing him a bolt of cloth and a pair of scissors."
Ledger is a command-line based double-entry bookkeeping application. Accounting data is stored in a plain text file, using a simple format, which the users prepare themselves using other tools. Ledger does not write or modify data, it only parses the input data and produces reports.
Emile Oscar Garcke was a naturalised British electrical engineer, industrial, commercial and political entrepreneur managing director of the British Electric Traction Company (BET), and early author on accounting. who is noted for writing the earliest standard text on cost accounting in 1887.
Cheqbook is an American cloud-based accounting software-as-a-service for small-to-medium businesses and independent contractors headquartered in Kahului, Hawaii. Cheqbook automates downloading and categorizing transactions in addition to offering services like invoicing, bill pay, and transactional reporting. The software is available via monthly subscription. Subscriptions are tiered based on the number of companies or books being managed. Accounts can be shared between accountants and business owners.
The history of accounting or accountancy can be traced to ancient civilizations.
Aplos Software is a privately held company that specializes in software as a service for nonprofit organizations. Their primary focus is simple software to manage the essential nonprofit tasks of fund accounting, nonprofit tax preparation and donor management for small, mid-sized, and large non-profit organizations.
Bench Accounting is a fintech company that uses proprietary software, to automate bookkeeping and provide financials for small business owners. Bench was founded in 2012 by Ian Crosby, along with Jordan Menashy, Adam Saint, and Pavel Rodionov. The company provides subscription access to cloud-based software in combination with in-house bookkeepers. Bench has raised $53M in funding to date and currently employs around 550 people out of its Vancouver headquarters.
References
- ↑ Florida Today Jan 8, 2006
- ↑ The Dome story : the history of Dome Publishing Company, 1940-1990. Dome Pub. Co., ©1992. OCLC 28502603
- ↑ New York Times March 7, 2006
- ↑ "Nicholas Picchione, 81, dies; CPA, author, lecturer, publisher"Providence Journal Dec 2, 1984
