Accounting is needed in every business, which, effect the aspect of the operation and reporting to keep the business up float in the current market.
When it comes to Financial Accounting; the process of recording, summarizing and reporting a great number of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements, including the balance sheet, income statement and cash flow statement that become the company's operating performance over a specified period.
Some of the benefits of Financial Accounting are:
Managerial Accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting. Managerial accounting handles margin analysis, the amount of profit or cash flow generated by the sale from a specific product, customer, store or region. Managerial accounting also manages constraints within a production line or sales process.
Benefits for Managerial Accounting are:
In bookkeeping, a bank reconciliation is a process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records.
Benefits for Reconciling Account:
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