An Introduction To Basic Accounting Outsourcing Principles

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An Introduction To Basic Accounting Principles
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by Accounts Outsource

• Business is an economical activity, and in
  business lot of give and take exist which is
  termed as Transaction. Basically, exchange of
  goods, services and money between the two
  parties is called transaction. It is very vital
  to keep all the records in a very systematic way
  or in a well manner. The process of recording all
  the business transaction is called
  Book-Keeping.

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Types of Accounting
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/
Accounting is a vast and dynamic profession and
is constantly adapting itself to the specific and
varying needs of its users. Over the past few
decades, accounting outsourcing companies has
branched out into different types of accounting
to cater for the diversity of needs of its users.

• Financial
• Management
• Tax
• Forensic
• Project
• Social

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Financial Accounting

• The process of recording, summarizing and
  reporting the myriad of transactions from a
  business, so as to provide an accurate picture of
  its financial position and performance. The
  primary objective of financial accounting is the
  preparation of financial statements - including
  the balance sheet, income statement and cash flow
  statement - that encapsulates the company's
  operating performance over a particular period,
  and financial position at a specific point in
  time.

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Management Accounting

• Management accounting (also known as managerial
  or cost accounting) is different from financial
  accounting, in that it produces reports for a
  companys internal stakeholders, as opposed to
  external stakeholders. The result of management
  accounting is periodic reports for e.g. the
  companys department managers, chief executive
  officer, etc.

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Tax Accounting
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• Tax accounting is a specialized field of
  accounting where accountants focus on the
  preparation of tax returns as well as tax
  planning for future taxable years.

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Forensic Accounting

• Forensic Accounting is the use of accounting,
  auditing and investigative techniques in cases of
  litigation or disputes. Forensic accountants act
  as expert witnesses in courts of law in civil and
  criminal disputes that require an assessment of
  the financial effects of a loss or the detection
  of a financial fraud

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Project Accounting

• Project accounting differs from standard
  accounting in that it is designed to monitor the
  financial progress of a project rather than the
  overall progress of organizational elements. With
  Project Accounting, financial reports are
  specifically created to track the project
  process. Utilizing Project Accounting provides
  Project Managers with the ability to accurately
  assess and monitor project budgets and ensure
  that the project is proceeding on budget. Project
  managers can quickly address any cost overruns
  and revise budgets if necessary.

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Social Accounting

• Social accounting is a type of accounting that a
  business performs to place a value on the
  influence its operations have on society. It
  requires that enterprises look closely at all
  that it does and what kind of impact its
  activities have on people, places, and the
  environment

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Basic accounting overview
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If you are not familiar with the basics of
general ledger accounts and double-entry
accounting, the following overview will give you
the bare basics

• Source Documents
• Debits and credits
• Journals
• General ledger
• Trial Balance
• Financial Statements

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Functions of Accounting
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From the standard accounting definition, the
main functions of accounting can be summarized as

• Keeping record of your all business transactions
  in a systematic manner.
• Protecting and recording all business properties.
• Communicating with all the business parties who
  are interested in or want to connected with your
  business.
• Meeting legal requirements.

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Branches of Accounting.

• Financial Accounting - It is basically prepared
  to identify profitability and financial position
  of an organization for a specific time period.
• Cost Accounting - This type of accounting is for
  recording costs. This is the systematic procedure
  for identify the unit cost of the product.
• Management Accounting - This type of accounting
  system is basically for presentation of
  accounting information to the higher management
  for making effective decision.

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Objectives of Accounting Outsourcing
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The objectives of accounting outsourcing are to
permanently record all business transactions and
to show the effect of each transaction and the
combined effect of all such transactions for a
given period. 

• The main aim of accounting outsourcing is to
  provide suitable information with an aim of
  safeguarding the interest of business and its
  proprietors.
• To maintain the record of each and every activity
  occurred in the business.
• To find out the financial position of the
  business as a whole.
• To ensure that our accounts are prepared
  according to the standard level and some concept.
• To fulfill the requirements of the Companies Act,
  Income Tax Act, etc.

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Accounts Outsource

• www.accountsoutsource.com
• For Accounts Outsource Rohit Jain