Companies maintain bank accounts that help facilitate payments to suppliers and other parties. These accounts also serve as a container for their cash and help safeguard it. On top of that, companies can also receive funds from their customers through their bank accounts. Banks also provide companies with a wide range of other facilities that

Financial accounting aims to achieve operational management of accounting transactions related to business. It’s focused on collecting transaction-wise details, recording, summarizing, and reporting this information in a structured and usable form. Further, the process is designed to help businesses keep a detailed record that helps meet legal and constructive obligations. Let’s discuss the objectives of

The history of accounting is as old as the history of a human being. No chapter of a human’s life is completed without accounting. No matter if you are thinking about personal, business, or professional life, accounting has its role to play. Imagine financial transactions of your business are not recorded and accounted for properly;

Companies are legal entities that can control or be controlled by other entities. This feature allows them to be different from other forms of business. Usually, companies have shareholders that acquire their shares. In exchange for those shares, they provide finance to the underlying company. Usually, these shareholders are individuals who purchase shares in the

Outsourcing refers to the process of hiring a third party to perform services usually done by the company’s employees or staff. Companies that outsource are usually trying to cut costs. For some small businesses, hiring an in-house team can be more expensive than outsourcing ad-hoc or ongoing tasks.  While the main driver for companies to