What Is Accounting In Any Case? - Any person who has worked in an office at some point or another has had to go to accounting.
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Any person who has worked in an office at some point or another has had to go to accounting.
Author: Bob Danes
Date: Dec 30, 2009 - 6:18:18 AM
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Any person who has worked in an office environment at one time or another had to go to bookkeeping. They're the people who pay and send out the invoices that keep the business operating. They do much more than that, though. Sometimes referred to as "bean counters" the bookkeeper also gauges earnings, expenses and losses. Unless you're operating a small business and acting as your own bookkeeper, you would not have any way of knowing just how profitable - or not - the business is without some form of bookkeeping.
Regardless which business you're in, even if all you do is balance a checkbook, its still bookkeeping. It is a part of even a child's life. Saving an allowance, spending it all at once - they are bookkeeping principles.
What are some additional businesses where accounting is vital? Well, farmers have to respect prudent accounting procedures. Numerous of them run their farms year to year by taking loans to sow the crops. If it's a decent year, a money-making one, then they can pay off their loan; if not, they might need to carry the advance over, and accumulate more interest charges.
Every company and every individual needs to have some sort of bookkeeping system in their lives. If not, the finances can get away from them, they do not realize what they have spent, or whether they can expect a profit or a loss from the business. Staying on top of bookkeeping, if it is for a multi-billion dollar company or for a individual bank account is a vital action on a daily basis if you are smart. Neglecting doing so can mean anything from a bounced check to posting a deficit to a company's shareholders. Both scenarios can be just as devastating.
Bookkeeping is essentially information, and this information is published regularly in business as a profit and loss statement, or an revenue report.
View all articles by Bob Danes
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