What is accounting?

Accounting

Accounting is the process in which an individual (an accountant) systematically tracks an individual’s or company’s financial information. The information is measured, evaluated and communicated in the form of financial reports. Those reports are used by individuals to aid in making strategic economic decisions for themselves or their business.

While simple to define, accounting can be a complicated process and should be taken seriously. Proper production and analysation of financial reporting is an integral component of a profitable business.