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Word Count: 830
Essential of Accounting Accounting the record of financially related affairs of the company Accounting procedures outlines the detailed records associated with financial statements given to owners and managers of all levels These accounting records are responsible for a systematic cataloging of business transactions system supervision and the complete operation of the business resources Companies will grow to rely upon these records procedures systems and personnel heavily Statistic show that the second leading reason why businesses fail is inadequate accounting procedures It is said that there are many parts of the business that can go solo but experts agree that few entrepreneurs are equipped with the knowledge and skill to do their own accounting At least not to do it in a professional and concessive way Having professional accountants can provide a valuable check and balance system for your ideas A good Certified Public Accountant CPA can point out flaws and opportunities that the company might miss CPAs can point out and suggest changes in operations or plans that often literally save thousands of dollars They also take away any tax headaches and leave you free to do what you need to do most-sell and ship products to your customers Data received by owners and managers is reviewed when financial decisions are made in the organization Clear auditing procedures are established and maintains through a good accounting practices There are many kinds of accountants and many levels of service an accounts can provide Trained personnel are required to fulfill positions within the public accounting firms The public accounting firms provide assistance in some of the following areas Auditing services Tax accounting Management and advisory services Auditing is the method used to review financial statements to ensure that the company is in compliance with accounting principles CPAs are responsible for performing the companies audits Private tax consultants are
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