Helping drive your business forward
With business accounting at AccNet, your personal business accountant will take on the essential task of ensuring every activity within the accounting period and the entire scope of accounting cycle is completed. Our friendly and professional team will effectively process all necessary transactions associated with your business activities and create a full and a set of financial statements for sales, purchasing or payroll.
When referring to the standard cycle of a business, this oversees the full cycle of the business’ operations such as: the amount of time it takes to produce its own goods and hold them in stock, sell those goods to customers and receive payment in exchange.
If this entire process requires three months to complete, this means that the company’s full cycle of operations is three months, as well. The full cycle of accounting essentially refers to the steps required to process business transactions and create a complete and thorough list of financial statements.
- Full cycle accounting, first, may represent sales to customers. A company will purchase goods, store them, process orders, find them from stock, sell them and collect payments from customers.
- Secondly, purchasing. When a requisition for goods has been submitted, the order will be received by the purchase department, after which the receiving department gets the ordered goods, and the payment to the supplier is processed by the accounts payable staff.
- Thirdly, payroll plays a big role in the full cycle accounting of a business. Once time cards have been submitted to payroll staff they are reviewed for errors, turned into gross pay, tax information is processed into the payments, and they are finally issued to employees.
In addition, the “full cycle” concept can be applied to an accounting position, where the person in the position will be responsible for every step within that particular accounting cycle.
Business Accounting- Services Include:
- Accounts Receivable
- Accounts Payable
- Bank and Credit Card Reconciliation
- Financial Statements
- Cash Flow Report
- and much more
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