ACCPAC Accounting System

ACCPAC Accounting System An overview about the features of ACCPAC Accounting System The ACCPAC accounting for Windows Series is a Windows accounting software that provides a comprehensive business management solution for corporate accounting environments. The most important features are: Powerful analysis and reporting tools for accounting, finance, and auditing end users. Comprehensive accounting feature set […]

Trade Credit

Trade credit Trade credit is an arrangement between a seller and a buyer, where the seller allows the buyer to make purchases now and pay at a later date without incurring an interest charge. This arrangement allows the buyer to sell the goods and earn sufficient cash to pay off its debt to the seller. A […]

Accounting Concepts & Principles

Accounting Concepts & Principles A number of basic accounting principles have been developed through common usage. They form the basis upon which modern accounting is based. The best-known of these principles are as follows: Accrual principle. This is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather […]

How to Search for a Payroll Software

Payroll is the summed-up financial records of all the salaries of employees including wages, deductions, and bonuses. It used to be that people who are in charge of payroll make use of the lowly and cumbersome calculator to come up with it. As the Internet came into the picture and technological advances came with it, […]

Your Choice of Using the Accounting Software

An accountant’s role today is changing fast. In the past, hiring an accountant is considered as one of the first priorities when putting up a small business. Accountants are perceived to be tremendously important in setting up and starting a business for such enterprise to succeed eventually. This perceived importance of hiring personal accountants for […]

Management Accounting

Management Accounting Institute of Chartered Accountants of England and Wales defines management accounting as: Any form of accounting which enables a business to conduct more efficiently can be regarded as Management Accounting. American Accounting Association defines management accounting as: Management Accounting includes the methods and concepts necessary for effective planning, for choosing among alternative business […]

Financial Management

Financial Management Financial Management deals with accounting, budgeting and charging activities for services. It determines all the costs of IT organization on the basis of direct and indirect costs. This process is used by all three types of service providers – internal, external or shared service providers. Financial Manager is the process owner of this […]

Concepts of Cost Accounting

Concepts of Cost Accounting Following are the main concepts of cost accounting: Cost There is a cost involved to purchase or produce anything. Costs may be different for the same product, depending upon the stages of completion. The cost changes according to the stage a product is in, for example, raw material, work in progress, […]

Accounting Conventions

Accounting Conventions Convention of Consistency To compare the results of different years, it is necessary that accounting rules, principles, conventions and accounting concepts for similar transactions are followed consistently and continuously. Reliability of financial statements may be lost, if frequent changes are observed in accounting treatment. For example, if a firm chooses cost or market […]

Accounting Systems

Accounting Systems There are two systems of accounting followed – Single Entry System Double Entry System Single Entry System Single entry system is an incomplete system of accounting, followed by small businessmen, where the number of transactions is very less. In this system of accounting, only personal accounts are opened and maintained by a business […]