Work Smarter – Not Harder

Accounting System

Back to Home page

What is an Accounting System?

An accounting system is a system that is employed in a company to organize financial information. It can be either manual or computerized. The main reason why you should be using an accounting system is to keep track of expenses, income, and other activities. Basically keep an eye on all data that affect the finances of a business organization.

Accounting System Definition

Accounting system helps businesses to keep track and manage their financial transactions. That includes sales, purchases, assets and liabilities. Business accounting system is particularly helpful when you need to generate reports. As a business owner you probably already know that proper data reports  impact greatly the process of decision making. In the past all data where gathered manually. Luckily today we are living in a computerized age. And that allows us to store the financial records easily. Now you can enter all the data, change them and interpret simply by logging into your accounting system on your computer or mobile phone.The past, loads of manual calculations, would be involved to balance out the ledgers.

Report genereted from Zistemo Accounting System

Types of Accounting Systems

1. Managerial Accounting

This type of accounting provides managers with necessary information for planning and operations control. Under managerial is cost accounting and lean accounting. Cost accounting records the cost incurred by the business for various transactions and operations. Lean accounting is for process examinations to determine how to reduce cost and eliminate wasting resources while increasing value.

2. Inventory Accounting

These provide a means to track and plan inventory levels and other activities that are related. Barcode tracking and RFID are some of the common inventory accounting systems available.

Zistemo can help you with your accounting and billing. Simplify your business finances. Try it for FREE for 14 days.

3. Industry Specific Accounting

This refers to a system tailored for a specific industry. For example, a system for a sales business and legal accounting have significant differences. Each has their specific requirements suited for the different industries.

4. Not-for-Profit Accounting

This type of accounting has its unique requirements too. It mainly involves ensuring that finances are channeled to the right direction. The system should be able to produce expenditure reports.

A Accounting system Accounting year Balance sheet


Related words

Accounting Year

What is an Accounting Year? An accounting year is annual financial reporting period in which company organizes its financial data. It is useful when you are running a business. Potential shareholders analyze the company’s performance through its financial statements.

A Accounting system Accounting year

Time Tracker

What is a time tracker? A time tracker is an online tool used to keep records of work hours. It helps measure employees’ working time and gives an insight into how much time was spent on different tasks, projects, and clients.

T

Billing Software

What is billing software? You may be used to creating paper invoices to request payment or paying invoices by cheques in the mail. Online billing software does the receiving and payment work for you.

B Billing software Double Entry Bookkeeping

Timesheet Calculator

What is a timesheet? A timesheet or time sheet is a record of the amount of time a worker has spent on a particular job, project or working for a specific client.

T

zistemo: the productivity booster for your business

No credit card required. Cancel anytime.