Kinds Of Accounting Activities That Your Company Should Do

Accounting is an activity of measuring, elaborating, or providing certainty about the information of a company or entity’s activities into an accurate financial report to be utilized by managers, policy makers, entrepreneurs, businessmen and other interested parties such as shareholders, creditors, investors, tax authorities and government agencies.

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In another sense, accounting can be said as a language used in providing financial information to a business recorded, classified, summarized, interpreted and communicated, in the form of financial data that will be used as a supporter of business decision making.

Activities contained in accounting provide a challenge that a person or a group of accounting practitioner workers face well, and this is some accounting activities that must be done for the activities of a company or entity:

  1. Collecting Transaction Evidence.
    • Request, Requestition, Purcharses Order, Purchases Receipt, Account Payable Bill.
    • Quotation, Sales Order, Shipment, Account Receivable Invoice, Payment.
    • Cash Transaction, Expense Claims.
  1. Record all financial transactions, based on original proof of transaction within one accounting period.
    • Checks and Payment.
    • Petty Cash.
    • Credit Memo.
    • Debit Memo.
  1. Create a General Ledger.
    • Report Aging Account payable & Account Receivable.
    • Report Inventory.
    • Report Fixed Asset.
    • Report Sales
    • Report Cogs & Expenses.
  1. Create Adjustment Journal.
  1. Preparing financial statements.
    • Report Trial Balance.
    • Report Profit and Loss.
    • Report Balance Sheet.
    • Report Cash Flow.
  1. Preparing Closing and Reversing Journals.
    • Closing period.
  1. Inspection
    • Journal Adjustment & Report Auditing.

All these accounting activities will only take up a lot of your time, especially accounting practitioners. Especially if you do all the accounting activities manually. That’s why you need an accounting software in order to facilitate you in doing all accounting activities.

One of the accounting software you can use is Acumatica Cloud ERP. This software can facilitate you in the course of accounting activities with ease. Not only that, Acumatica Cloud ERP also comes with modules that can be used to manage various aspects of business like

  1. Finance Module
  2. Distribution Module
  3. Project Module
  4. Manufacture Module

With the help of accounting software, you can easily simplify and define accounting activities, can save time and be more focused in business development which of course has been supported with financial statements that can be viewed at any time in real time with accurate data such as Acumatica Cloud ERP.

Wondering how Acumatica Cloud ERP can help your business? Call us at (021) 53675015 or email us at sales@8thinktank.com