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Added: Aug 1, 2018 12:08 PM
Modified: Aug 1, 2018 12:09 PM
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  1. Types of Accounting in Business
  3. [url=“”]Bookkeeping Software[/url] has emerged in every sector of industries, technology field, and business.
  4. If you are a business person, accountant or student who is studying of accounts it is necessary to know about types of accounting which are very helpful in your field.
  5. If you want to go for easy or simplest way you can use different accounting software’s also for your business and companies but before that you should know what accounting includes:
  7. Financial Accounting :    
  9. Financial accounting involves all the financial transaction of internal use or external use. It is a method of recording, summarizing, analyzing the report of business of a particular time.
  10. Financial statements contain income reports, cash flow, and balance sheet.
  11.                                  Financial accounting is done for investors, creditors, tax authorities to give them proper information.
  13. Management accounting :
  15.  We can understand from its name only this report is made for the daily report of management. To prepare accounts and daily reports for management team is a management accounting. It is done for short term period and financial accounting is done annually. Management reports show sales revenue, accounts payable, accounts receivable or orders.
  17. Government Accounting :
  19. Government accounting comes under public sector and business or companies comes under private sector. Accounting of public sector is different from private sectors. It includes transactions of government sector companies like revenue, expenditure, penalties, grants, loan, and subsidies. Government accounting has information of expenditure on development work, bank transactions and more.
  21. Forensic accounting :
  23. Forensic accounting is done for integration of accounting, reports or auditing information of business or company. It is done when accounting reports are fraud, theft, embezzlement or business gets destroyed. Forensic accounting is mostly done in legal sector, audit firm or insurance sector.
  25. Public Accounting :
  27.  It is a label of assurance services. Public accounting is broader and wider according to other accountings. Public accounting keeps statements and information of clients companies. It gives positive declarations of financial statements make by customers of company which will tell financial results.  
  29. Tax accounting:  
  31. Tax accounting commands on the preparation of tax fillings, tax regulations, and tax planning. Main motive of tax accounting is to reduce pressure of tax on company legally. It is governed by Internal Revenue Code.
  33. Internal Auditing:
  35.  Auditing is done to examine the weakness, failures, fraud, theft, mismanagement, waste of company. Everything in company is going according to legal laws or not. After taking all these information main work is to reporting and take actions on weak parts of company. Internal auditors keep record and check on progress of company.
  37. [url=“”]CRM[/url]
  38.        Time Tracking : Being an accountant is good but maintaining the position of accounting is very tough because a accountant have to maintain time for numbers.  Accounting software is best option for saving time. It works in speed save time or productive results also.