Accounting Basics for Business: How To

If you want to start your own business, accounting is one of the vital things that you have to understand and apply. Or if you already have your own business established, are you certain that you did not leave anything? Do you already have all the data in your business?What really is financial accounting and what is its purpose?The main purpose of financial accounting is to report the financial performance of a business. It provides information to external parties such as investors, creditors and tax authorities. It can also overlap with management reporting when it is used to make internal business decisions.Annette will help you understand the 10 key principles of accounting and she will cover each one of it. It is important for you to know the essence of these 10 principles, this is the foundation for all accounting work, in your annual accounts, income statements, profit and loss account, balance, etc. Also, she will share 8 steps on how accounting works in reality called the Accounting cycle.Highlights of this episode:What is financial accounting?Deeper understanding about the 10 principles of accounting?What is Double Entry Bookkeeping or Bookkeeping?Why is double-entry bookkeeping important?What are Financial Statements?Where do bookkeeping and accounting meet each other?8 Steps on how accounting really works in reality or Accounting CycleResources:If you’re struggling to understand the accounting for your business, reach out to Annette  at [email protected] and join our Facebook group https://www.facebook.com/groups/915326342418247Youtube link of the episode: https://www.youtube.com/watch?v=7JznXhmGpRoConnect to Annette Ferguson:Facebook - https://www.facebook.com/UKAnnetteFerguson/Instagram - https://www.instagram.com/annetteandco_/YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qAListen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522