They provide strategic IT solutions and services with primary practice areas in Java and Microsoft-centric e-Business solutions, IBM Cúram, ERP solutions, Enterprise Application Integration, Data Warehousing / Big Data, and Business Intelligence solutions. Their clien...
They provide strategic IT solutions and services with primary practice areas in Java and Microsoft-centric e-Business solutions, IBM Cúram, ERP solutions, Enterprise Application Integration, Data Warehousing / Big Data, and Business Intelligence solutions. Their clients include Fortune 500 corporations, government agencies, small and mid-sized local businesses, and non-profit organizations.
Single-entry accounting system and double-entry accounting system are two types of accounting systems available. The Single-entry system enables a small business to record every transaction as a line item in a ledger. The Double-entry system records every transaction both as a debit and credit in different accounts.The other accounting system that can be used besides the double-entry bookkeeping system:SINGLE ENTRY SYSTEMA single entry accounting system does not require complex software, but a simple excel spreadsheet or something similar to input the information.Apart from a single entry accounting system, there are two different types of accounting methods used by businesses of all sizes:CASH ACCOUNTING METHODCash accounting methods keep a record of income and expenses as they are received and paid.ACCRUAL ACCOUNTING METHODThe accrual accounting method records the amounts when a transaction occurs, not when the cash is exchanged. This method is required by law when a business exceeds 5 million in sales. It is believed that the accrual accounting method provides a more accurate picture of a company’s finances.ConclusionJust like a single entry accounting system of accounting, a cash accounting method is preferred by small businesses as it is simple to implement and saves time. However, the transaction is recorded when cash exchanges happen. The business owner gets a clear picture of the company’s cash flow at any given time. Hence, all the efficient accounting systems mentioned above can be used besides the double-entry bookkeeping system.
Single-entry accounting system and double-entry accounting system are two types of accounting systems available. The Single-entry system enables a small business to record every transaction as a line item in a ledger. The Double-entry system records every transaction both as a debit and credit in different accounts.The other accounting system that can be used besides the double-entry bookkeeping system:SINGLE ENTRY SYSTEMA single entry accounting system does not require complex software, but a simple excel spreadsheet or something similar to input the information.Apart from a single entry accounting system, there are two different types of accounting methods used by businesses of all sizes:CASH ACCOUNTING METHODCash accounting methods keep a record of income and expenses as they are received and paid.ACCRUAL ACCOUNTING METHODThe accrual accounting method records the amounts when a transaction occurs, not when the cash is exchanged. This method is required by law when a business exceeds 5 million in sales. It is believed that the accrual accounting method provides a more accurate picture of a company’s finances.ConclusionJust like a single entry accounting system of accounting, a cash accounting method is preferred by small businesses as it is simple to implement and saves time. However, the transaction is recorded when cash exchanges happen. The business owner gets a clear picture of the company’s cash flow at any given time. Hence, all the efficient accounting systems mentioned above can be used besides the double-entry bookkeeping system.
Single-entry accounting system and double-entry accounting system are two types of accounting systems available. The Single-entry system enables a small business to record every transaction as a line item in a ledger. The Double-entry system records every transaction both as a debit and credit in different accounts.
The other accounting system that can be used besides the double-entry bookkeeping system:
SINGLE ENTRY SYSTEM
A single entry accounting system does not require complex software, but a simple excel spreadsheet or something similar to input the information.
Apart from a single entry accounting system, there are two different types of accounting methods used by businesses of all sizes:
CASH ACCOUNTING METHOD
Cash accounting methods keep a record of income and expenses as they are received and paid.
ACCRUAL ACCOUNTING METHOD
The accrual accounting method records the amounts when a transaction occurs, not when the cash is exchanged. This method is required by law when a business exceeds 5 million in sales. It is believed that the accrual accounting method provides a more accurate picture of a company’s finances.
Conclusion
Just like a single entry accounting system of accounting, a cash accounting method is preferred by small businesses as it is simple to implement and saves time. However, the transaction is recorded when cash exchanges happen. The business owner gets a clear picture of the company’s cash flow at any given time. Hence, all the efficient accounting systems mentioned above can be used besides the double-entry bookkeeping system.
