Accounting in Business

You must understand what accounting is, for your business to run smoothly.

* Dividing accounts into assets and liabilities;
* Understanding some key terms such as debits and credits;
* Distinguishing key aspect of accounting;
* Examining the income statement and balance sheet.

That’s just the few basic knowledge/skills needed to understand accounting. But It gets tricky if not handled well. Without Accounting, there will be no record of the financial health of your business; which will affect every aspect of your operations and decisions.

Cash flow and regulatory burden are one of the biggest challenges all business face. NRS will commit to take the burden off your hands by putting a system in place, create a financial report and analysis, minimise costly mistakes and maximise profitability and success.

The purpose of accounting is to present financial information to the stakeholders of the business: management, investors and creditors. Accounting measures and compiles the activities of the company and communicates the results to management and other interested parties.

Managers need accurate and up-to-date financial data to make intelligent decisions, and accountants are the ones who produce this information. While the accounting process collects the data and presents it in various types of reports, the accountants help describe the meanings of the reports and suggest ways to use these details to solve business problems.

Accounting can be classified in two forms: management and financial. Management accounting helps to run the business, while financial accounting reports on how fine it's running.