From Accounting Basics to Business Advice
A Collection of Useful Articles
Bookkeeping has been in existence in one form or another for many years. It appeared approximately when people started trading.
Any time you are establishing an accounting structure for your business, a chart of accounts is among the first things you will need to put in place to get your bookkeeping up and running.
If we are referring to an account with regard to accounting, then it carries a completely different meaning compared to what the majority of people are accustomed to.
Most people know debit and credit outside the context of bookkeeping.
When someone unfamiliar with modern accounting faces such terms as "general ledger" or "general journal", they imagine giant dusty books, complicated and totally confusing.
Financial statements contain substantial information about your company's operating results and financial position. The profit and loss statement (P&L) and the balance sheet are the two basic financial reports that give you this information. Taking the time to better understand these reports will give you more control and a clearer picture of your business and how it’s performing.
A Balance Sheet (also known as Statement of Financial Position) is one of the three primary financial statements (along with the income statement and statement of cash flows) showing the company’s financial condition at a specific point in time.
Most of the business operations recorded in books require the indication of the other party of the transaction – counterparty.
Sales and Purchasing
Depending on the requirements and specifics of your business, PayTraq offers a variety of options for your sales and procurements arrangement and planning. You can choose an option according to your specific business process or take advantage of its modified versions.