Author: Vasanth Subramanian
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From Chaos to Compliance: The 5 Key Roles of Accounting
Accounting may seem like it’s all about calculators and caffeine, but it actually plays some pretty vital roles in keeping a business running smoothly (and legally). Here are the key functions of accounting: 1. Keeping Financial Records Tidy (Because Chaos is Not a Strategy) Accounting’s first job is to record all financial transactions in an…
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Accounting with Purpose: Not Just Debits and Credits!
Accounting isn’t just about balancing books and crunching numbers—it’s the behind-the-scenes superhero of the business world, quietly making sense of financial chaos. Let’s walk through the objectives of accounting, one ledger entry at a time—with a few laughs along the way! 1. Keeping the Books in Order (No, Not Your Kindle Library) The first mission…
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Numbers Don’t Lie: How Accounting Keeps Businesses on Track
In the article defining accounting, we saw that the definitions list certain characteristics or attributes of accounting. In this article, let’s discuss each attribute in detail. 1. Identification and Measurement of Financial Transactions and Events Accounting: If It’s Not About Money, It’s Not in the Books! Accounting only tracks transactions and events that have a…
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Financial Accounting – The Language of Business
Introduction to Financial Accounting You may have heard about audited financial statements, profit and loss accounts, balance sheets, etc. Financial accounting is the foundation for these documents. Accounting is a structured process of identifying, recording, classifying, summarising, analyzing, and interpreting financial transactions, then communicating the results to relevant stakeholders. These stakeholders include business owners, creditors,…