What is Accounting?

What is Accounting?

Accounting
Generally speaking, accounting is a process used to measure and record non-financial information about a company. It is also known as accountancy, account processing, and measurement. Financial accounting Basically, financial accounting is the process of recording and summarizing business transactions. These statements provide information to external parties such as investors, creditors, tax authorities, and other stakeholders. It also aims to accurately represent the firm's performance. The main objective of financial accounting is to create statements that show the company's financial health and profitability. Financial statements are usually circulated on a scheduled basis. These reports are used by shareholders, managers, brokers,…
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Accounting and Tax in Jamaica

Accounting and Tax in Jamaica

Accounting, Bookkeeping, Taxation
Whether you are a Sole trader, a small business owner or an individual, accounting, and tax in Jamaica are something you should know about. The first thing you need to know is that there are specific accounting and tax rules that apply to every individual and business. Luckily, there is a very simple way to find out what these rules are and how you can meet them. Bookkeeping Whether you're a newbie or a seasoned entrepreneur, you're required to file taxes. If you don't, you could be tasked with paying for government penalties. The good news is that there are…
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The Basics of Bookkeeping

The Basics of Bookkeeping

Accounting, Bookkeeping
Whether you're a new business owner or have a more established company, the basics of bookkeeping are important to understand. Having a basic understanding of these concepts will help you make the best decisions for your company and its future. These principles include the basics of revenue, assets, liabilities, and journal entries. Liabilities Keeping track of liabilities in bookkeeping can help you to understand your business' cash flow. They also play a vital role in organizing your operations. If you fail to manage your liabilities well, they can lead to financial trouble. But if you manage your liabilities well, they…
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The Basics of Accounting

The Basics of Accounting

Accounting, Bookkeeping
Whether you are just starting out in your first business or looking to upgrade your existing business, the basics of accounting are important to know. You want to make sure that you have a basic understanding of how accounting works, how to record transactions, and how to prepare a financial statement. Accounts payable Managing accounts payable is a key component of business finances. It helps businesses to make payments on time and helps them to accurately evaluate their financial status. Accounts payable also helps to plan for future growth. It also helps to eliminate unnecessary expenses. Accounts payable is the…
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