Accounting and bookkeeping are interrelated processes that involve recording, classifying, summarizing, and analyzing financial transactions to provide insights into a business's financial health.
Identifying Financial Transactions
Recording Transactions
Posting to the General Ledger
Reconciling Accounts
Trial Balance Preparation
Adjusting Entries
Generating Reports
Collecting and Organizing Data
Classifying Transactions
Analyzing Financial Information
Preparing Financial Statements
Compliance and Tax Preparation
Budgeting and Forecasting
Decision Support