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1. What is business accounting?
Corporate accounting is one of the very important stages in the production and business activities of enterprises, accountants will also be provided with effective and reliable work support tools.
What is business accounting?
Business accountants perform things such as collecting, processing, examining, analyzing and providing economic and financial information in the form of values, in kind and labor time at businesses. Corporate accounting has been divided into two main divisions that we often call tax accounting and internal accounting.
Inside:
Internal accounting is an indispensable part for most businesses, the main job of the internal accounting department is to collect, process, analyze and provide economic and financial information as required. management requirements and economic and financial decisions in an accounting unit. This report is responsible for detailed and accurate recording for managers and business leaders.
Tax accounting is an important part of a business's accounting system. The main job of tax accountants will include collecting, processing, examining, analyzing and providing economic and financial information by means of financial statements to those who need to use the information of the tax accountant. accountant. Or to be precise, the tax authority of a business or a bank are the two most important objects that a tax accountant needs to pay attention to.
2. What do business accountants need to do?
The following are the duties of a corporate accountant:
What do accountants need to do?
Collecting and processing accounting and auditing information and data according to the accounting regime.
Inspect and supervise the financial income and expenditure, liabilities, production and business situation of enterprises and analyze accounting information and data.
Detect errors in data processing.
Provide financial information to make recommendations to improve performance.
Synthesize information, prepare key situation reports for businesses.
Other related activities.
3. Requirements for a Business Accountant
Requirements for a Business Accountant
You must be a trained accountant. Accumulating knowledge when going to school is an extremely necessary thing for you when you go to work. So, from now on, try to fully equip your knowledge in this field!
Carefulness is an important requirement for this profession. Because, the accounting profession will be associated with vouchers, books and papers containing numbers that "talk" about the financial situation. Therefore, an accountant like you must ensure to preserve the vouchers as well as how to make those numbers always the most accurate, easy to search and look up. And when summarizing difficult numbers, you need to be even more careful because just drinking one wrong drink can have a significant impact on the whole company.
This profession has relationships with many other professions such as banking, taxation, etc., so you also need to master basic skills such as reading financial statements, financial analysis, negotiation and negotiation skills. assist you in your work.
Know how to share information and support each other while working. However, because accounting is a special profession, all internal affairs are somewhat "secret", so you must be very careful from your words to your actions. If you do this well, it shows that you are a very meticulous and perfectionist person - very necessary qualities of an accountant.
Knowledge of computers and foreign languages is also essential. Without this aspect, you will not be able to read and understand the reports related to your accounting work and your chances of promotion will be greatly reduced. Therefore, take good care of your foreign language and computer skills to ensure that you are an excellent candidate for a promotion position.
4. Processes that production enterprise accountants need to follow
The accounting process in an enterprise is a set of contiguous activities, linked by departments and organizations. All arising transactions such as purchase and sale, liquidation, donation, borrowing, etc. must have accounting activities. And the following is the business accounting workflow described in the following steps:
The process that production enterprise accountants need to follow
Step 1: Summarize arising economic transactions
The daily activities and production occurring at the enterprise will be collected, calculated and synthesized by the accountants of other departments.
Step 2: Make initial accounting vouchers
Prepare original vouchers to help accountants reflect actual arising economic transactions. These vouchers are reasonably arranged by the accountant to serve the review
Step 3: Record the accounting book
Enterprise accountants record and enter vouchers in the general journal, general ledger, detailed book, etc.
Step 4: Make adjustments and transfer entries
At the end of the year, corporate accountants must process adjustment entries such as depreciation of fixed assets, allocation of costs, etc., thereby transferring revenue and expenses to the results. business results for the period.
Step 5: Make a balance sheet of arising numbers
Classify each specific item from which to make balance sheets to see how the changes of accounting objects in the period are. Then, combine with books to make financial statements.
Step 6: Prepare a set of financial statements and tax finalization.
This step is considered the most important step because it includes many complex activities, requiring the business accountant to be cautious. And it is necessary to apply 4 main reporting forms: statement of financial position, statement of income statement, statement of cash flows and notes to financial statements.
5. Difference between financial accounting and corporate accounting
A key difference between financial accounting and corporate accounting is that financial accounting focuses on meeting external financial standards, while business accounting focuses on meeting the needs of the business. internal to the business. Related to this is the fact that financial accounting focuses on the finances of an entire organization, while business accounting typically focuses on one or two specific parts of a business. Another big difference is that financial accounting uses only historical data, and business accounting often focuses on helping to make decisions about the future. Using the two different types of accounting would also lead to the dichotomy that the data and results related to financial accounting should be accurate and verifiable.
Giaiphapdonggoi.net hopes this topic "What is business accounting and what you need to know about business accounting" will help you better understand business accounting as well as grasp accounting jobs. business needs to do.
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