Accounting and bookkeeping services are important aspects of any business whether big or small. These are essential for organizing all transactions pertaining to cash flow, assets, and liabilities, among many others. Accounting and bookkeeping services are also very important when filing taxes especially if you cannot do this on your own. Software and online services are available for more convenience and privacy for individuals.
Accounting and bookkeeping services are provided Speed Up Dsl professionals who have a degree in accounting and related fields. Accountants, bookkeepers and auditors help ensure that an individual or a company's records are kept accurately and taxes are paid properly and on time. Accounting and bookkeeping services analyze and communicate financial information from individuals, companies, and the government. These services also provide budget analysis, financial and investment planning, consultation on information technology as hotel as legal services pertaining to accounting matters. Accounting and bookkeeping services can also provide specific jobs related to any of the four major fields accountancy which include public accounting, management, government accounting, and internal auditing.
Accounting or accountancy refer to the measurements and statements about financial information used by company owners, businessmen, managers, lenders, investors and tax authorities among many others. Information gathered can help make resource allocation decisions between and within companies, organizations, public agencies, and even between individuals. There are different forms and "books" called journals and ledgers used for accounting and bookkeeping, but nowadays, there are several accounting software available for easier and more organized financial reports which include the forms required when filing taxes.
Accountancy has been around since ancient times when the Sumerians and the Egyptians kept records for the quantities of their agricultural products. This record-keeping developed especially during trading and when money was first used in 2000 BC. Subsequently, Luca Pacioli, regarded as the Father of Accounting, developed the double-entry accounting system which was used by Venetian merchants to keep records of their accounts. Pacioli already made use of journals and ledgers with accounts for assets, liabilities, capital, income, and expenses.
Bookkeeping, on the other hand, is quite similar to accounting because it also involves the recording of all financial transactions or cash flow. This is used by many individuals and companies to keep record of what goes in and what goes out of their accounts. Bookkeeping also uses different forms and books as well as software especially designed for this purpose. There are two systems used for bookkeeping and these are single-entry bookkeeping and double-entry bookkeeping.
Accountants are required to take a degree in accountancy or any related field and in order to get better jobs must obtain certification or licensure. This is especially true for public accountants who are required to be certified before taking on jobs with public accounting firms. Some CPAs or certified public accountants also specialize in forensic accounting which involves investigating and interpreting frauds, embezzlements, bankruptcies, contract disputes, and other criminal financial transactions. While bookkeepers (sometimes called accounting clerks) are required to take at least a two-year post high school course on bookkeeping or get an associate degree in accountancy. They are usually responsible for recording the daily purchases, sales, receipts and payments. They have to make sure that all of these are recorded on the correct ledgers.
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