What is accounting?

What is accounting?

Accounting reflects changes in the property and financial status of the enterprise. It will give you a clear idea of whether your business is profitable, and it will provide you with data based on which you can optimize your processes. It will also mediate between you and the state regarding your tax and social security obligations.

Accounting is the process of recording, analyzing, and presenting financial information about a business or person. It is used to monitor business activity, fulfill financial obligations, and make business decisions. Accounting can be divided into two main categories: financial accounting and managerial accounting.

Financial Accounting

Financial accounting deals with the preparation of financial statements that show the financial status and results of the enterprise’s activities for a certain period. These reports are provided to external users, such as owners, creditors, investors, tax authorities, and other interested parties. Financial accounting is regulated by laws and standards that ensure the reliability, comparability, and transparency of financial information.

Management Accounting

Management accounting focuses on the use of accounting information for internal purposes such as planning, control, evaluation, and decision-making by the management of the enterprise. Management accounting is not subject to statutory regulation and can be adapted to the specific needs of each enterprise. Management accounting uses various methods and techniques, such as budgeting, cost analysis, pricing, project evaluation, and others.

If you need an initial consultation

Do not hesitate to contact us for more information about our activity, and consultation about the possible services you might need, for perfect management of your company’s accounting. You can contact us by phone, email, or via the contact form on our website. We respond to all inquiries within 24 hours.

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Siman Group Ltd

A team of certified accountants

Our team is small but consists of educated professionals who know what they are doing and are familiar with accounting, tax, and insurance legislation.

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