EASYUNI Ultimate University Guide 2013 July Issue | Page 50

Accounting is generally viewed as the
process of keeping track of a business’s
?nances by keying in it its accounts
payable, accounts receivable and
other ?nancial transactions, often with
accounting software. Accounting is
de?ned as the process of identifying,
measuring and communication economic
information to permit informed
judgements and decisions by users of the
information. Accounting is also a vital part
of the business decision-making process.
Being the language of business, ?nance
professionals and managers with a
genuine understanding of accounting
and ?nance are at the very heart of all
organisations. Accountants in business
do not merely measure and record value,
they help to create it as well.
With accounting and business
management becoming increasingly
involved in multidisciplinary practices,
accountants will need an understanding
of business management skills,
such as marketing, human resource
management, strategic management,
entrepreneurship and creativity, while
business managers must operate in
accounting and ?nancial environments to
remain commercially viable.
One part of accounting concentrates
on presenting the company’s ?nancial
information in the required ways to those
outside the company. For everyone to
understand what is being presented,
the information is organised in a format
which follows a set of guidelines. There
are different sets of accounting standards
that are being used in different countries.
Certi?ed Public Accountant (CPA) is
the main route many in the accounting
industry follow. It can be achieved by
passing an exam and getting work
experience. According to the Pennsylvania
Institute of Certi?ed Public Accountants,
CPAs audit ?nancial statements of public
and private companies. They also serve
as consultants in many areas – tax,
accounting and ?nancial planning – and

48

EASYUNI Guide 2013

are well-respected
strategic business
advisors and
decision-makers.
Accounting may
seem complicated,
but don’t let it
intimidate you from
pursuing what you
like. The ?rst step in
making accounting
fun is to get a grip
on the terminology.
Whenever you
feel like running
far away when
someone asks you
about your balance
sheet, calm yourself
by learning exactly
what a balance
sheet is and how it
can help you.
Secondly, accounting is more than just
numbers. It includes databases of your
customers, your vendors, as well as your
employees. The information that you are
keeping on these people and companies
will help you track the business and plan
for the future. With proper accounting,
you can detect the trend of consumers
and plan the business well. Other than
that, you can legitimately create a sales
plan for the entire month.
The establishment of your accounting
system and the reliable input of data will
be the keys to successful accounting.
Recording the transaction and information
is called bookkeeping and must be done
regularly. You won’t get a good picture of
your company if the data is stored away,
and it is tedious and troublesome to go
back to ?nd and key in old information.
When you do, you stand a good chance
of getting things wrong.

Studying In This Course

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