The application of technology solutions in the accounting field will continue to grow in the coming years. As the need for computerized accounting grows, software companies will come through and provide a solid answer to this demand by introducing accounting software, a solution used by bookkeepers, accounting professionals and business owners to process accounting transactions and manage accounts. Manual accounting […]
Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Companies use this process to prevent balance sheet errors on their financial accounts, check for fraud, and to reconcile the general ledger. There is no standard way to perform an account reconciliation. However, generally, double-entry accounting is performed where a transaction […]
Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in- house by the company’s own employees and staff. This practice is usually undertaken by companies as a cost-cutting measure. Outsourcing with regards to accounting refers to a service which provides a full, accounting department experience for small businesses. An accounting […]
An accounting standard is a policy that defines the treatment of an accounting transaction in financial statements. The entire concept of accounting standards is to harmonise accounting policies and practices used by different business entities in order to standardise the numerous accounting methods used for various aspects of accounting. They, therefore, provide guidance for companies to prepare and report useful […]