{"id":1051,"date":"2020-01-02T15:18:47","date_gmt":"2020-01-02T13:18:47","guid":{"rendered":"http:\/\/www.globalconsultantgroup.net\/?p=1051"},"modified":"2020-01-02T15:29:10","modified_gmt":"2020-01-02T13:29:10","slug":"what-is-accounting-newsletter-01-2020","status":"publish","type":"post","link":"https:\/\/globalconsultantgroup.net\/index.php\/2020\/01\/02\/what-is-accounting-newsletter-01-2020\/","title":{"rendered":"What is accounting and why do i need it? #Newsletter 01\/2020"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Accountants have been around for just about as long as humans have engaged in trade and commerce. This makes sense, because if we want to do business with each other in any kind of organized way we need a system to keep track of all of these exchanges. And that\u2019s where accounting comes in. Double-entry bookkeeping emerged in Medieval Europe and has been used by business big and small ever since. Thankfully, today we have handy accounting software to help us manage our financial records and no longer have to rely on manually- completed ledgers and spreadsheets.<\/p>\n\n\n\n\n\n\n\n

Categories of Accounting<\/strong><\/p>\n\n\n\n

There are two basic categories of accounting:\nfinancial accounting and managerial accounting. Financial accounting<\/strong>\ndeals with information that is made public to shareholders, customers,\ncreditors, and regulatory bodies. Managerial accounting<\/strong> deals with\ninformation that is not shared with the public, such as salaries, profits, and\nthe cost of goods produced. The goal of managerial accounting is to help\ncompany managers and supervisors make financial decisions, whereas the goal of\nfinancial accounting is to provide important financial information about your\ncompany to those outside of the business. For most small business owners,\n\u201caccounting\u201d is managerial accounting.<\/p>\n\n\n\n

What Does Accounting Allow You to Do?<\/strong><\/p>\n\n\n\n

Accounting is essential if you want to be able to\ngrow your business in a way that can be measured and predicted. Having a system\nof tracking your business\u2019 assets<\/strong>, liabilities<\/strong>, and income<\/strong>\nlets you to make smart, informed business decisions based on the past\nperformance and present financial health of your company. With a clear,\norganized accounting system you can not only analyse your company\u2019s financial\ndata but also help it grow and make profits.<\/p>\n\n\n\n

Sound accounting also helps you satisfy your\ncustomers. Knowing where your company stands financially in terms of income<\/strong>\nand expenses<\/strong> will help you better understand what you need to do in the\nfuture to maintain that level of customer satisfaction and<\/em> grow your\nbusiness.<\/p>\n\n\n\n

Need more evidence? Accounting also helps you track\nwho owes you what, what you owe to who, manage payroll records, track loan and\ninterest repayments, attract potential investors, maintain a budget, and\nperhaps most importantly, sets you up with the financial data you need when it\ncomes time to file and pay your company\u2019s taxes.<\/p>\n\n\n\n

Who Handles Your Company\u2019s Accounting?<\/strong><\/p>\n\n\n\n

It really depends on the size of your business and\nhow quickly you expect to grow. While a public company will normally appoint a\nChief Financial Officer (CFO) to handle the company\u2019s finances, a smaller\ncompany may find it useful to hire an external accountant to help keeping proper\naccounting records up to date. Your company\u2019s accounting may also be handled by\nan in-house accountant. It\u2019s important that entrepreneurs have a good grasp on\nthe business finances, especially in the early days. Whoever handles the\naccounting, good accounting software is going to make their job a whole lot\neasier.<\/p>\n\n\n\n

The Importance of Accountability<\/strong><\/p>\n\n\n\n

While accounting allows you to do all these great\nthings, it is also supremely valuable in a defensive sense. When the accounting\nis done properly, the exposure to risks such as fraud are significantly\nminimized. And should the government ever conduct an audit on your company,\nyour accounting history is going to be your best friend. In a way, accounting\nis the quantifiable conscience of the business world.<\/p>\n\n\n\n

Contact Us<\/strong><\/p>\n\n\n\n

Please feel free to\ncontact us, without commitment or obligation, for your complete accounting and\nfinancial solution.<\/p>\n\n\n\n

Executive Director <\/strong><\/p>\n\n\n\n

George Panayiotou at: george@globalconsultantgroup.net<\/a><\/strong><\/p>\n\n\n\n

General Enquiries: info@globalconsultantgroup.net<\/a><\/strong><\/p>\n\n\n\n

Office Phone: (+357) 24629800<\/strong><\/p>\n\n\n\n

Office Fax: (+357) 24629801<\/strong><\/p>\n\n\n\n

Office Address : 5-7 Griva Digeni Street, G&S Court, 4th<\/sup> Floor, 401 Office 6030 Larnaca, Cyprus <\/strong><\/p>\n\n\n\n

Website: www.globalconsultantgroup.net<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Accountants have been around for just about as long as humans have engaged in trade and commerce. This makes sense, because if we want to do business with each other in any kind of organized way we need a system to keep track of all of these exchanges. And that\u2019s where accounting comes in. Double-entry […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0},"categories":[27],"tags":[],"_links":{"self":[{"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/posts\/1051"}],"collection":[{"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/comments?post=1051"}],"version-history":[{"count":0,"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/posts\/1051\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/media?parent=1051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/categories?post=1051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalconsultantgroup.net\/index.php\/wp-json\/wp\/v2\/tags?post=1051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}