Accounting

What Is Accounting?

Accounting is the process of recording all the financial planning and statements in a way that they can be reported and used functionally. It has to be easy to understand and it should contain the details.

Why Should You Care about Accounting Process at All?

When you start up a new business you put yourself through many responsibilities one of the most important ones of them is accounting. This process leads you to make profits if it is done perfectly.

What Makes Accounting too Important?

When it comes to accounting, we can also say that the future of your business and property depends on the accounting process. Even little errors in accounting stuff can end up in big losses. As a result, you should be careful about the team you choose to work with on your business accounting.

How Accounting Can Be Effective in My Business’ Future?

Recording all the plannings, taxes, processes, earnings, or other financial statements gives you a bigger picture of what you are eager to do next. It can also be effective in how you decide based on bad decisions that you have made in the past. Having all the recordings in your hands helps you correct all the faults and rearrange the flaws in your business in a way that brings you profit. On the other hand, accounting helps you to be aware of the current financial position you are in so that you can also understand which parts of your business are making more money and which parts are dealing with losses and inner problems.

 What Is the Difference between Bookkeeping and Accounting?

To be honest accounting and bookkeeping are both parts of the same process. However, if we need to find a delicate difference, we can mention that bookkeeping is a little more concerned with recording all the financial data however, accounting comes up with strategies, analysis, and tax planning.

What Do Accountants Do?

Let’s start with the accounting cycle which is the road map for accountants. It has six phases which are done by the accountants.

1. Bookkeeping:

Bookkeeping is the primary step for accountants to take. It means that they have to record all the transactions and analyze them.

2. Journal entries:

Now it is time to analyze that every action happened when and why and how much money has been spent on it. And then put all the information together to make the next decision.

3. Find out balance:

After reporting all the information all you have to do is to find the balance in your business and actions based on the reports.

4. Adjust entries at the end of the period:

This happens when the information derived from the accounting process has to be updated. If you are curious to know why it is supposed to be updated the answer is when any changes are done during the process then you need to update the data again.

5. Adjusting the trial balance:

After recording all the reports now, you have to adjust the trial balance to turn them into the financial statements.

6. Preparing financial statements:

The final step is to file the financial statements in a way that they are easy to review for the business owner, the manager, or other governmental organizations.

Qualities That Make Accountants Qualified:

• Accountants are not in the spotlight of the work but they have a crucial role. So, they might be quiet but they have to be careful enough.
• Another element that makes accountants qualified is that they have to pay attention to details a lot.
• An accountant has to be good with numbers but they must also be ok with working with tech tools and software.
• As you know one of the particular things that accountants do is to explain the financial statements to the clients, so, the accountant has to be good at communicating with people.
• Accountants have to be able to work in a team as they cannot take care of all the responsibilities on their own so they need to be good at working in a team.
• Accountants must be good at solving problems as they face complex problems in the financial process and if they cannot find a solution then they may harm the business. However, our team of Oraclecpa would never make a loss for the company that you have established.
• Accountants are supposed to be reliable as all the financial information is in their hands and more importantly, they can ruin the business future so you have to choose the most reliable accountants.
• Besides being well-organized and on time accountants have to be able to anticipate the problems beforehand and act sooner than the problems and prevent the losses.
• And finally the accountant has to be good at math, qualified in what they do, and good at financial states.

Why Oraclecpa?

We have explained all the qualities of the best accountants above. We believe our team of accountants has all the qualities above and even more so we think we are the best shot for newcomers and companies that are looking for the best accountants in Canada. We serve the accounting and bookkeeping services in Surrey, Burnaby, Fraser hill, Vancouver, and many other areas in Canada which you can see on the list below:

• North Vancouver
• West Vancouver
• Burnaby
• Richmond
• Surrey
• Langley
• New west minister
• Coquitlam
• Port Coquitlam
• Port Moody
• Fraser hill
• Abbotsford
• Maple ridge
• Horseshoe Bay
• White rock
• Lower mainland
• Delta (Richmond)
• UBC (Vancouver)
• Vancouver west (Vancouver)
• Kitsilano (Vancouver)

You can contact us here if you need our services.