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Home Blog Archive by category "Accounting"

Category: Accounting

Accounting serves as the interpreter among different tongues in the corporate world.

Before accounting was widely used in a professional setting, it first served the homes of every individual. Basic accounting allows us to keep track of our daily expenses and budget our savings.

In school, accounting is not only a subject we need to pass to graduate, but we also use this practice to budget our money for food, materials for projects and for other expenses. But for businesses, accounting is much more than that. This practice is one among many keys vital to running a company and maintaining good profit.

Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations.

In 1494, Luca Pacioli, an Italian mathematician, established the modern field of accountancy. This practice is sometimes referred to as the “language of business”. It measures the results of an organisation’s economic activities. It also relays this information to a variety of users, including investors, creditors, management, and regulators. Professionals of this field are known as accountants; while the terms ‘accounting’ and ‘financial reporting’ are often used as synonyms. 

The work divides into several fields including financial accountancy, management accountancy, external auditing, and tax accountancy.

Information systems support accounting functions and related activities. This may either be actual people interpreting the work or a computer-based program.

Financial accountancy focuses on the reporting of an organisation’s finances. This includes preparing financial statements to be sent to external users such as the investors, regulators and suppliers.

Management accountancy then serves to advise the company in their economic engagements. By analysing reports and looking at trends, this practice can help predict a company’s future outcome. The task of management accountants is to help the enterprises by giving good advice to move the company towards success.

Another term associated with the practice is bookkeeping. This practice records financial transactions so that summaries of the accounts round up in financial reports. Double-entry bookkeeping is the most common system used to show the equal and opposite effects of such transactions.

Articles about "Accounting"

Outsourcing Supports Local Businesses

By Camille Rellosa | Accounting, Blog, Brand development, Customer Service, Digital Marketing, Outsource Accounting, Outsource Bookkeeping, Outsourcing, Virtual Assistance | 26 September, 2019 |

Outsourcing has proven to be a great help to small local businesses who need more affordable ways of doing things. We know from experience that running a business requires various resources and workforce, depending on where the company is in its stage of development and where it seeks to be in the next few years.Explore Now

a to z of digital marketing banner

The A to Z of Outsource Digital Marketing

By Camille Rellosa | Accounting, Blog | 28 March, 2019 |

A Adwords is a form of  PPC or Pay-Per-Click paid advertisement that uses SEO keywords not to rank but to directly promote brands, products and services through bids. Advertisements through Google Adwords are promoted all over the Google Network such as Youtube, Gmail and other partner websites. In search engine results pages, Adwords appear onExplore Now

accounting red flags

5 Accounting Red Flags You Should Be Cautious Of!

By Camille Rellosa | Accounting, Blog, Outsource Accounting, Outsource Bookkeeping | 15 November, 2018 |

Having reliable, timely, and systematic accounting, bookkeeping, and financial management operations contribute to the success of a business. In particular, data processing, debt collection management, payroll processing and management accounting should be done honestly and accurately. Small and medium-sized business owners should be careful when outsourcing their accounting and bookkeeping tasks since there are variousExplore Now

banner for a to z accounting

The A to Z of Outsource Accounting

By Camille Rellosa | Accounting, Blog | 7 November, 2017 |

A Accounting is an important element in any business since it’s the one responsible for checking and collating data to be used to assess the performance of a company and whatever plan the board decides to make. C Cloud Accounting is a method used in accounting that does not require individual software installation to haveExplore Now

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The A to Z Blog Series

By Camille Rellosa | Accounting, Blog, Customer Service, Digital Marketing, Outsourcing | 26 September, 2017 |

The A to Z series consists of blog posts that enumerate facts or topics related to outsourcing, accounting, customer service, digital marketing and virtual assistant. This blog series is designed as a guide to introduce to people what these services are all about. Each post points out the key ideas that compose the service asExplore Now

BLOCKCHAIN: The Future of Accounting

By Camille Rellosa | Accounting, Blog | 31 July, 2017 |

BLOCKCHAIN is a new platform for better accounting and bookkeeping processing The continuous growth of new businesses every day brings an increment to the financial market. Demand for a quick turnaround augments the digital processing of financial data. But as more and more demands are processed at the minute, the system fails to respond quicklyExplore Now

bookkeeping

Danger of Designating Bookkeeping Tasks to Non-Accountants

By Camille Rellosa | Accounting, Business Advice, Outsource Accounting, Outsource Bookkeeping, Outsourcing | 11 January, 2017 |

Falling into error is the number one danger that non-accountants face when doing bookkeeping. There is a higher risk of making an error when those who do your bookkeeping do not accurately follow the steps necessary for such task. This thing happens when companies choose to delegate bookkeeping tasks to non-accountants to save resources. Based on aExplore Now

Debt Collection

Debt Collection Management: Important Online Bookkeeping and Outsource Accounting Service

By Emy Bautista | Accounting, Outsource Accounting, Outsource Bookkeeping, Outsourcing | 2 December, 2016 |

Proper debt collection starts with good bookkeeping and proper accounting. Debt collection is an issue that most businesses, regardless of their level of success, have to deal with. One thing that separates a successful business from the rest is how they prevent debt from hurting their cash flow. Top-tier companies tie up with expert accountingExplore Now

Cloud-based Accounting Software

Cloud-based Accounting Software: Work Smarter Not Harder

By Emy Bautista | Accounting, Outsource Accounting, Outsource Bookkeeping, Outsourcing | 22 November, 2016 |

Cloud-based accounting software is all the rage for companies of different sizes at the moment. Gone are the days of the spreadsheets and locally installed software for managing the company’s accounts. Today, savvy business owners use a cloud-based software. Aside from improved collaboration and real-time reporting, there are other benefits to migrating your accounting toExplore Now

The Cloud

The Cloud

By Emy Bautista | Accounting, Digital Marketing, Outsource Accounting, Outsourcing | 6 September, 2016 |

One of the biggest buzzwords for maximising business efficiency today is Cloud computing. Everything seems to be happening in “The Cloud”. Cloud-based software. Migrating to the cloud. Stored in the cloud. Accessed from the cloud. But what is it, and how important is it to your business? The term is just a metaphor for theExplore Now

cloud accounting software

Xero versus MYOB

By Emy Bautista | Accounting, Outsource Accounting, Outsource Bookkeeping, Outsourcing | 23 August, 2016 |

Cloud Accounting software uses Xero and MYOB as tools in its practice. Most companies today have realised the benefits of cloud computing. The list will include convenience, improved collaboration, enhanced security, and lower IT costs. Thus, it is not surprising that a lot of small and medium-sized businesses has shifted to cloud and outsource accounting.Explore Now

tasks to outsource

10 Office Tasks Small Businesses Should Outsource

By Emy Bautista | Accounting, Digital Marketing, Online Marketing, Outsource Accounting, Outsource Bookkeeping, Outsourcing | 9 August, 2016 |

Outsourcing is sometimes better for SMEs in order to maximize profit and work efficiency. In the book entitled E-Myth, Michael Gerber highlighted one of the challenges that small business owners encounter: balancing growth while trying to do everything alone. Many entrepreneurs have great skills and talents, but as the business grows, they soon realise that theyExplore Now

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