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Every company must perform some accounting. This is so as to identify its financial state. Also known as bookkeeping, accounting involves the collection, analysis, classification, verification, interpretation and presentation of financial information. There are various types of bookkeeping. One of these is corporate accounting. It is especially suited for companies. Corporate accounting deals with processes such as the preparation of cash flow statements, financial records, balance sheets and more. It can be used to handle unique corporate business processes such as absorption, amalgamation and the creation of consolidated documents. Here is more about this type of accounting.
This is a process of accounting that is dedicated to the operations of a single company. In this type of bookkeeping, the corporate accountant only concerns themselves with the financial records of one firm. More specifically, the accountant only focuses on the firm that has employed him or her. According to the corporate accounting definition, this activity is normally performed so as to ascertain the financial and operational status of a company. Investors are especially interested in knowing the financial strength of the firm in which they have purchased some stock. Therefore, corporate accounting is performed to communicate the assets and liabilities of the firm to them.
Corporate accounting is usually performed by a department of specialist accountants. They are directed to manage the financial condition of their firm under the supervision of a Chief Financial Officer (CFO) or an executive on the same level. According to the corporate accounting pdf, the accountants perform a number of duties to do with maintaining financial accounts and the system of financial reporting as a whole. The activities performed in corporate accounting include the following.
Corporate accountants create, install, manage and maintain the corporate accounting system of a company. In modern cases, it is a software platform that spans the entire firm. After installation, the accountants create separate accounts to handle business elements such as equity, assets, income, liabilities and expenses. Having done so, they assign each account with general-ledger codes and set the overall system to record specific transactions into the matching account automatically. In addition to that, advanced corporate accounting involves the regular creation of a variety of reports that are used internally. These reports are made using current data and information. Moreover, financial statements for the company are also produced for the purpose of verification by regulatory bodies.
The calculation of staff salaries falls into the purview of corporate accounting. In this task, the corporate accountants calculate wages for staff according to various work periods. This can be weekly, bi-weekly or monthly. The staff receives payroll checks or direct deposits into their bank accounts courtesy of corporate accounting.
A company is required to make special payments so as to stay compliant with business regulations. Corporate accounting handles this responsibility by making payments such as employee-related taxes, garnishments for wages, distributions for retirement accounts, bonuses for performance as well as payment for overtime. Corporate accounting books indicate that these payments are calculated, managed and paid out by the corporate accounting department.
Corporate accounting handles the responsibility of receiving and processing invoices that come into the company. The accountants involved than proceed to make payments to contractors or suppliers according to the indicated means of compensation. Examples of these include bank transfers, checks, credit-card payments and electronic wire transfers. When handling accounts payable, corporate accountants normally focus on inventory flowing into the firm. However, they can also focus on loan payments, taxes and premise maintenance costs.
This type of bookkeeping also handles accounts receivables. This is where they regularly process payments that are coming in from clients. In addition to that, the corporate accountants also handle any cases of default. Corporations can assign large teams of accountants to handle past-due accounts. However, smaller teams can work together with specialist collections agents for the purpose of handling defaulting cases. In this task of corporate accounting, senior corporate accountants also report on the status of mature accounts and ensure that company executive are updated on the cash flow as well as collections efforts.
Information Technology (IT) resources can be used for bookkeeping. FreshBooks is accounting software that can be used for this purpose. It can assist to perform or even automate corporate accounting activities such as tracking accounting periods, sending invoices, handling expenses, managing receipts and processing credit card payments. Furthermore, it supports the creation of corporate accounting notes.
This software is based on Cloud infrastructure. Therefore, the accounts held within can be accessed from any location in the world using an Internet-connected device. You can use this software for free over a period of 30 days. After it elapses, you can purchase it for an affordable fee. FreshBooks is a valuable investment that can help you to perform corporate accounting.
Generally accepted accounting principles, or GAAP, are standards that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
GAAP incorporates three components that eliminate misleading accounting and financial reporting practices: 10 accounting principles, FASB rules and standards, and generally accepted industry practices.
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First, download a free invoice template for Excel, or get one for Google Sheets. Then, add a new sheet to your Income Statement Template. Copy and paste the data from the invoice template you downloaded into the new sheet.
Our Free Excel Bookkeeping Templates are great if you want to manage basic bookkeeping and accounting tasks using Microsoft. They are available to download for business or personal use. The most popular template is the Cash Book which is suitable for recording your business transactions for Limited companies, self-employed and self-assessment.
We have designed 25 Excel free accounting templates to help small business owners manage their own bookkeeping. Including petty cash, cash book, business expenses, cash flow, sales invoice, statements, income statement and balance sheet. They are simple and easy to use, with full instructions available.
If you are not using Microsoft Office, there are alternatives. We recommend Apache Open Office. It is free to download and use; most of the features are similar to Microsoft. The other option is to use Google Sheets.
Corporate Accounting for B.Com. (Hons.) by P. C. Tulsian, Tulsian Bharat Book Summary:The new edition of Corporate Accounting continues to provide a complete learning resource of the latest company accounting principles and practice. Written in teach-yourself style, the book offers panoptic coverage of the process of preparation of accounts and its presentation in conformity with the accounting standards and norms. It is enriched with illustrative examples and solved problems which makes it an indispensable text for the undergraduate students of commerce and management. Making it easier than ever, the book provides practical grounding of corporate accounting principles. The book has been revised as per Schedule III to The Companies Act, 2013.
When looking for accounting templates that allow total versatility, make good use of any of our Accounting Templates in Google Sheets file format available for immediate access after downloading. Get the advantage of being able to access any saved file on your Google account and excel in any accounting work. These files are professionally-written for accounting purposes, such as the managing of financial and budget records for the company, bookkeeping, and more. So what are you waiting for? Get the convenience of having ready-made templates that are 100% customizable, printable, and are easily accessible anytime and anywhere by downloading your file of choice today! 2b1af7f3a8