{"id":1,"date":"2023-08-27T09:21:45","date_gmt":"2023-08-27T09:21:45","guid":{"rendered":"https:\/\/finsource.co\/?p=1"},"modified":"2024-07-11T11:47:16","modified_gmt":"2024-07-11T11:47:16","slug":"what-is-accounting-types-examples-faqs","status":"publish","type":"post","link":"https:\/\/finsource.co\/?p=1","title":{"rendered":"What is Accounting: Types, Examples, and FAQs"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1\" class=\"elementor elementor-1\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7bae4729 e-flex e-con-boxed e-con e-parent\" data-id=\"7bae4729\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-cc5dd7a e-con-full e-flex e-con e-child\" data-id=\"cc5dd7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-633fb9e elementor-position-top elementor-widget elementor-widget-image-box\" data-id=\"633fb9e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1436\" src=\"https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-scaled.jpg\" class=\"attachment-full size-full wp-image-465\" alt=\"\" srcset=\"https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-scaled.jpg 2560w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-300x168.jpg 300w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1024x574.jpg 1024w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-768x431.jpg 768w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1536x862.jpg 1536w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-2048x1149.jpg 2048w, https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-105x59.jpg 105w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure><div class=\"elementor-image-box-content\"><h3 class=\"elementor-image-box-title\">What is Accounting: Types, Examples, and FAQs<\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-358876d3 elementor-widget elementor-widget-text-editor\" data-id=\"358876d3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h6><span style=\"font-weight: 400;\">Whether you run a small business or an enterprise, accounting plays a key role in financial management. With accounting skills, you can set a budget, optimize tax returns, or forecast trends. Still, even after learning what an accountant does, you might still wonder what accounting is at its core. Anyone who maintains financial statements, files taxes, or manages spending becomes familiar with some form of accounting. To help manage your business finances, we&#8217;ll explain accounting types, tasks, and frequently asked questions. You can read the entire article or jump to a section below:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>Accounting Definition<\/strong><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>4 Main Types of Accounting<\/strong><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>Overview of How Accounting Works<\/strong><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>Examples of Accounting Tasks<\/strong><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>Common Accounting FAQs<\/strong><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><strong>Accounting for Small Business Success<\/strong><\/h6><\/li><\/ul><h2><b>Accounting Definition<\/b><\/h2><h6><span style=\"font-weight: 400;\">Accounting is the process of recording, analyzing, and reporting financial transactions. Typically, accountants record transactions as journal entries in ledgers. By reviewing these entries, they can gauge a business\u2019s financial health. While no definition of accounting sums up every task in a few sentences, it plays a vital role in:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Business management<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Payroll laws and regulation<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Tax collection<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Personal finances<\/span><\/h6><\/li><\/ul><h6><b>Why is accounting important?<\/b><\/h6><h6><span style=\"font-weight: 400;\">Accounting helps businesses manage their finances and grow their accounts. Organized financial data guides leaders&#8217; decisions and priorities. Additionally, accounting helps chart a business\u2019 growth and predict downturns. Finally, accountants help companies stay compliant with regulators and the IRS.<\/span><\/h6><h6><span style=\"font-weight: 400;\">While anyone can improve their finances with accounting skills, businesses need them to expand. Accounting assists with:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Business growth:<\/strong> Accountants shape financial decisions that lead to growth over time.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Tax filing:<\/strong> Tax accountants file taxes, earn deductions, and dodge penalties.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Funding:<\/strong> Accounting sums up data that can attract funding from investors.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Payment management:<\/strong> Accountants organize transactions to track earnings and debts.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Performance assessment:<\/strong> Financial statements reveal a company\u2019s financial health.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Financial projections:<\/strong> Accountants forecast economic changes affecting a business.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Legal compliance:<\/strong> Public companies must provide financial statements to regulators.\u00a0<\/span><\/h6><\/li><\/ul><h6><b>Who needs an accountant or accounting department?<\/b><\/h6><h6><span style=\"font-weight: 400;\">Any business looking for long-term growth needs an accountant. Not only will they manage tax payments and financial reports, but they also help meet legal requirements and sustain growth over time. Small businesses may roll their accountant and bookkeeper into one role with You can frame the difference between a bookkeeper vs. an accountant as:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Bookkeepers record day-to-day transactions.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Accountants organize this information into extensive reports and tax filings.<\/span><\/h6><\/li><\/ul><h6><span style=\"font-weight: 400;\">Enterprises and large corporations need an accounting department. Operating across states and offices calls for more financial insight. While a department isn&#8217;t cheap, you can see a return on investment over time.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Live bookkeeping software can boost your staff\u2019s productivity and help combine bookkeepers and accountants into one role.<\/span><\/h6><h6><b>Overview of how accounting works<\/b><\/h6><h6><span style=\"font-weight: 400;\">A business\u2019s financial well-being depends on accounting. To ensure the best performance, accountants adhere to standardized rules. Accounting success relies on generally accepted accounting principles (GAAP), up-to-date statements, and the accounting cycle.\u00a0<\/span><\/h6><h6><b>1. Use generally accepted accounting principles<\/b><\/h6><h6><span style=\"font-weight: 400;\">Accountants follow GAAP when writing financial statements. GAAP outlines a set of principles to ensure consistency in reporting. It\u2019s built on the foundation of double-entry accounting, a system in which you record each transaction in two book entries. The entries must equal one another for balanced books.<\/span><\/h6><h6><span style=\"font-weight: 400;\">Double-entry accounting follows the principle that assets = liabilities + owners&#8217; equity. These accounts balance with journal entries that credit one account and debit another. Think of debits and credits like this:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Debit entries increase asset and expense accounts.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Credit entries increase liability and revenue accounts.<\/span><\/h6><\/li><\/ul><h6><b>Beyond double-entry accounting, GAAP consists of four principles:<\/b><\/h6><h6><strong>Historical cost principle<\/strong><\/h6><h6><span style=\"font-weight: 400;\">Businesses report assets and liabilities at the cost they paid to acquire them. On one hand, businesses may prefer to report at the market rate because that reflects current value. However, market rate can change and make an unreliable record. So, this principle ensures a consistent financial record.\u00a0<\/span><\/h6><h6><strong>Revenue recognition principle<\/strong><\/h6><h6><span style=\"font-weight: 400;\">Businesses record revenue upon earning it, not receiving it. In many cases, an exchange of money and services won&#8217;t occur at once. Revenue recognition organizes transactions to avoid confusion over this.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\">For example, a supplier records revenue after sending goods and invoices to clients. This way, even if they aren\u2019t paid at once, they can plan around incoming revenue. This principle forms the basis of accrual accounting, which involves:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Accrued revenue:<\/strong> Income you earned but haven\u2019t received.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Accrued expenses:<\/strong> Money you owe but still need to pay.\u00a0<\/span><\/h6><\/li><\/ul><h6><b>Matching principle<\/b><\/h6><h6><span style=\"font-weight: 400;\">In reporting, expenses match the revenue they generate. Instead of tying expenses to a product or service you offered, tie them into their return on investment. This principle highlights profitability over the rate of production.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\"><strong>Note:<\/strong> If you can\u2019t connect expenses with any revenue, you can charge costs to the current accounting period.\u00a0<\/span><\/h6><h6><b>Full disclosure principle<\/b><\/h6><h6><span style=\"font-weight: 400;\">You must report all relevant information about your financial statements when sharing them. This way, readers aren\u2019t misled by a lack of context. The full disclosure principle builds trust between a business and its shareholders, lenders, and partners.\u00a0<\/span><\/h6><h6><b>Other accounting guidelines<\/b><\/h6><h6><span style=\"font-weight: 400;\">While GAAP covers most transactions in the US, it isn&#8217;t the only rule set. Depending on their specialization, accountants may follow the:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Internal Revenue Code (IRC):<\/strong> Federal tax guidelines issued by the IRS. Tax accountants follow these rules when managing federal returns.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>International Financial Reporting Standards (IFRS):<\/strong> Accounting rules set by the International Accounting Standards Board. US businesses working overseas follow these guidelines.<\/span><\/h6><\/li><\/ul><h6><b>2. Follow the standard accounting cycle<\/b><\/h6><h6><span style=\"font-weight: 400;\">Accountants follow a standardized accounting cycle. This cycle organizes tasks into repeatable steps. This way, if you hire a new accountant, they\u2019re familiar with their core tasks and workflow. The accounting cycle includes eight steps:<\/span><\/h6><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Identifying transactions:<\/strong> Collect details about the transactions in an accounting period. Note sales, payments, refunds, and other bookkeeping events.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Recording transactions:<\/strong> Record your transactions as journal entries. You record entries after making a sale or receiving an invoice.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Posting transactions:<\/strong> Post journal entries to your general ledger. This ledger will break down all activities by account.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Listing an unadjusted trial balance:<\/strong> Calculate a trial balance to ensure your credit and debit equal one another.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Analyzing worksheets:<\/strong> Identify journal entries on your worksheet to find errors. If debits and credits aren\u2019t equal, find the source of the mismatch.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Adjusting journal entries:<\/strong> Adjust your journal entries to remove errors and balance accounts.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Generating financial statements:<\/strong> Create balance sheets, income statements, and cash flow reports based on the corrected ledger.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Closing the books:<\/strong> Finalize revenue, expenses, and temporary accounts at the end of the period.\u00a0<\/span><\/h6><\/li><\/ol><h6><b>3. Keep accounting documents up to date<\/b><\/h6><h6><span style=\"font-weight: 400;\">Financial statements record your business&#8217;s performance over time. Accountants update these forms to measure profitability or predict budgetary issues. Accurate reports let leadership and investors gauge a company&#8217;s financial health. The main accounting documents include:\u00a0<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Balance sheets<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Income statements<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Cash flow statements<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Aging reports<\/span><\/h6><\/li><\/ul><h6><b>4 Main Types of Accounting (and Some Others)<\/b><\/h6><h6><span style=\"font-weight: 400;\">The four main types of accounting are financial, managerial, tax, and cash accounting. Accountants typically have specialties you can\u2019t boil down into a single category. Finding an accountant suited to your business needs will offer the highest ROI. To recap, the main accounting specialties include:<\/span><\/h6><h6><b>Financial Accounting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Financial accountants review the performance of a business. You conduct this type of accounting by writing financial statements on transactions from a given period. These include:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Income statements:<\/strong> A form highlighting income and expenses in a given period.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Balance sheets:<\/strong> A summary of a company\u2019s assets, liabilities, and equity.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Cash flow statements:<\/strong> A document showing how income flows in and out of a business.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Aging reports:<\/strong> A form compiling debts owed to your business.\u00a0<\/span><\/h6><\/li><\/ul><h6><span style=\"font-weight: 400;\">Financial accounting keeps businesses transparent about their overall health. Investors review financial accounting statements to gauge their ROI. Auditors assess these forms to make sure businesses stay compliant.\u00a0<\/span><\/h6><h6><b>Managerial Accounting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Managerial accountants create financial data for business leaders. This field covers a lot of the same ground as financial accounting. However, managerial accountants use this data for different ends. For example, they might recommend an <\/span><span style=\"font-weight: 400;\">online payroll service<\/span><span style=\"font-weight: 400;\"> to cut overhead costs.<\/span><\/h6><h6><span style=\"font-weight: 400;\">Business leaders rely on managerial accounting to make financial decisions. Specifically, these accountants guide:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Financial forecasting<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Budgetary choices<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Product costs and their ideal ROI<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Investments in other companies<\/span><\/h6><\/li><\/ul><h6><b>Tax Accounting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Tax accountants minimize tax liability and keep you compliant with the IRS. Many businesses have to juggle quarterly and annual tax forms, and a tax accountant helps streamline these payments. Additionally, tax accountants avert IRS penalties and find deductions that save money.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Tax accountants have to juggle federal and state taxes. As a result, they may rely on different rulesets in each context.<\/span><\/h6><h6><b>Cost Accounting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Cost accountants assess the expenses from running your business. Cost accounting tallies the charges from offering products and services. By keeping costs low, you can improve your financial health. Cost accounting may cover:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Direct expenses:<\/strong> The cost of providing a specific product or service.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Indirect expenses:<\/strong> The general cost of running a business.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Fixed costs:<\/strong> Expenses that remain stable regardless of business activity.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Variable costs:<\/strong> Expenses that change based on business output.\u00a0<\/span><\/h6><\/li><\/ul><h6><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Cost accounting is most common in manufacturing and service industries. However, all companies can benefit from cutting unnecessary charges.<\/span><\/h6><h6><b>Other Types of Accounting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Accountants can specialize in niche fields outside the four main categories. While less common, they still provide valuable services. The other types of accounting include:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Forensic accounting:<\/strong> Monitoring transactions to investigate an entity.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Governmental accounting:<\/strong> Organizing funding and payments for government programs.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Fund accounting:<\/strong> Tracking the money spent by non-profit organizations.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Auditing:<\/strong> Investigation of a business\u2019s financial statements.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Accounting information systems:<\/strong> Systemizing financial reports&#8217; storage, retrieval, and use.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Fiduciary accounting:<\/strong> Reporting on the activity of an estate or trust.<\/span><\/h6><\/li><\/ul><h6><b>Examples of Accounting Tasks<\/b><\/h6><h6><span style=\"font-weight: 400;\">After learning what accounting is and how it works, you can focus on accounting tasks. Each business hires accountants to meet its specific needs. While accounting software can streamline these tasks, a trusted expert will help you go the extra mile. We\u2019ll break down a few standard accounting functions below:<\/span><\/h6><h6><b>Cash Flow Management<\/b><\/h6><h6><span style=\"font-weight: 400;\">Accountants manage the flow of money in and out of your business. This complete financial picture simplifies reporting and decision-making. At its core, cash flows ensure more money goes into a business than it spends. As such, a healthy cash flow will keep your business in good standing.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\">Cash flow software will help accountants go the extra mile. With extra tools and reports, your staff can assess cash flow in greater detail.<\/span><\/h6><h6><b>Financial Forecasting<\/b><\/h6><h6><span style=\"font-weight: 400;\">Even in stable markets, businesses need to plan ahead. Accountants can identify new opportunities or potential issues with forecasting. Small businesses depend on consistent performance to grow. With these forecasts, accountants lay out scenarios management can plan for. Proactive financial forecasting can:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Reduce risk<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Prepare for future expenses<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Attract new investors<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Diagnose business problems<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Prove your profit model\u2019s viability<\/span><\/h6><\/li><\/ul><h6><b>Bill and Invoice Tracking<\/b><\/h6><h6><span style=\"font-weight: 400;\">Hiring an accountant to manage bills and expenses will improve your bottom line. You can\u2019t run a business without incurring a few expenses. An accountant can organize what you owe, ensure fast payments, and track expenses before they grow out of hand.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\">On the flip side, accountants use invoicing software to help you get paid. Accountants can write custom invoices for different clients. With their oversight, cash will steadily flow in.\u00a0<\/span><\/h6><h6><b>Tax Management<\/b><\/h6><h6><span style=\"font-weight: 400;\">Effective IRS filing can make or break a business. By hiring a tax accountant, you can:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Streamline filing<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Find new tax deductions<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Prevent mistakes that lead to audits<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Navigate federal and state tax policies<\/span><\/h6><\/li><\/ul><h6><span style=\"font-weight: 400;\">While many large businesses hire full-time tax accountants, small businesses don\u2019t have to. You can work with a tax accountant during filing seasons to minimize costs. This small investment can pay for itself and impart valuable tax insights.<\/span><\/h6><h6><b>Gauging Financial Health with Accounting Ratios<\/b><\/h6><h6><span style=\"font-weight: 400;\">Businesses rely on accounting ratios to measure their performance. While some ratios measure overall financial health, some focus on more minute details. Accountants run financial ratios to diagnose problems and suggest operational changes. The main ratios include:\u00a0<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Current ratio = current assets \/ current liabilities.<\/strong> The current ratio reveals if a business can meet its short-term obligations.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Quick ratio = (cash + securities + accounts receivable) \/ liabilities.<\/strong> Sometimes called the acid test ratio, this formula determines if a business can immediately pay off its debts.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Gross margin ratio = (net sales \u2013 the cost of goods sold) \/ net sales.<\/strong> This ratio compares revenue to the direct cost of selling a product or service.<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Debt to asset ratio = total debts \/ total assets.<\/strong> This ratio shows the relative proportions of your debts to assets.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\"><strong>Asset turnover ratio = net sales \/ average total assets.<\/strong> Asset turnover measures the efficiency with which your assets generate revenue.<\/span><\/h6><\/li><\/ul><h6><b>Common Accounting FAQs<\/b><\/h6><h6><span style=\"font-weight: 400;\">Still have a few accounting questions? To help you out, we\u2019ve answered a few common accounting FAQs<\/span><b>.\u00a0<\/b><\/h6><h6><b>What is the difference between Bookkeeping vs. Accounting?<\/b><\/h6><h6><span style=\"font-weight: 400;\">Bookkeeping records individual transactions while accountants report on the bigger financial picture. Accountants and bookkeepers use many of the same skills. They work together in a streamlined process where bookkeepers prepare financial data and accountants compile it into reports.\u00a0<\/span><\/h6><h6><span style=\"font-weight: 400;\">Because their work is related, there\u2019s no opposition between bookkeeping vs. accounting. In fact, many accountants perform bookkeeping tasks. These accountants can use bookkeeping software to save time.<\/span><\/h6><h6><b>What\u2019s the Cash Method of Accounting vs. the Accrual Method?<\/b><\/h6><h6><span style=\"font-weight: 400;\">Cash accounting records transactions when money changes hands, but accrual accounting records income and expenses when they get incurred. As a result, cash-based accounting is more common. However, accrued accounting plays a vital role in some transactions. For example:<\/span><\/h6><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">Exchanging money for goods at a store is a cash expense. A bookkeeper can record the payment in real time.\u00a0<\/span><\/h6><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><h6><span style=\"font-weight: 400;\">If you order goods and receive an invoice, that\u2019s an accrued expense. A bookkeeper will note what you owe before the payment comes in.\u00a0<\/span><\/h6><\/li><\/ul><h6><span style=\"font-weight: 400;\">Accrued accounting covers more complex transactions. It tracks what you owe and earn based on services tendered. While accrued accounting is more complicated, it paints an accurate picture of finances long-term.<\/span><\/h6><h6>\u00a0<\/h6>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-31aa533 e-flex e-con-boxed e-con e-parent\" data-id=\"31aa533\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-77ede98 meta-visibility-show section-title-style-style1 title_position_default title_hover_border_default title-default img_hover_animation_default meta_position_default tpg-is-author-icon-show author-image-visibility-icon tpg-category-position-default readmore-btn-default-style grid-hover-overlay-type-always grid-hover-overlay-height-default hover-overlay-height-default tpg-border-bottom-disable elementor-widget elementor-widget-tpg-grid-hover-layout\" data-id=\"77ede98\" data-element_type=\"widget\" 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for Medical Practices\">\n                        \n                            \n        <\/a>\n                <div class=\"overlay grid-hover-content\"><\/div>\n        \t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"grid-hover-content\">\n\t\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"563\" href=\"https:\/\/finsource.co\/?p=563\" class=\"tpg-post-link\" target=\"_self\">Cost Analysis: In-House vs. Outsourced Bookkeeping for Medical Practices<\/a><\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t\t            <span class='author '>\n\n\t\t\t\t<i class='fa fa-user '><\/i><span class='author-prefix'>By<\/span><a href=\"https:\/\/finsource.co\/author\/bsl\">bsl<\/a>\t\t\t<\/span>\n                        <span class='date'>\n\t\t\t\t<i class='far fa-calendar-alt '><\/i>                                    <a href=\"https:\/\/finsource.co\/?m=20240709\">\n\t\t\t\t\tJuly 9, 2024\t\t\t\t<\/a>\n                \t\t\t<\/span>\n                        <span class='categories-links'>\n\t\t\t\t<i class='fas fa-folder-open '><\/i><a class=\"blog\" href=\"https:\/\/finsource.co\/?cat=1\">Blog<\/a>\t\t\t<\/span>\n            \t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\t\tCost Analysis: In-House vs. Outsourced Bookkeeping for Medical Practices Weighing the Financial...\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n                    <a data-id=\"563\" href=\"https:\/\/finsource.co\/?p=563\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n        \t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default 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class=\"entry-title\"><a data-id=\"524\" href=\"https:\/\/finsource.co\/?p=524\" class=\"tpg-post-link\" target=\"_self\">Driving Success: How the Right Payroll App Can Transform Physical Therapy Practices<\/a><\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t\t            <span class='author '>\n\n\t\t\t\t<i class='fa fa-user '><\/i><span class='author-prefix'>By<\/span><a href=\"https:\/\/finsource.co\/author\/bsl\">bsl<\/a>\t\t\t<\/span>\n                        <span class='date'>\n\t\t\t\t<i class='far fa-calendar-alt '><\/i>                                    <a href=\"https:\/\/finsource.co\/?m=20240627\">\n\t\t\t\t\tJune 27, 2024\t\t\t\t<\/a>\n                \t\t\t<\/span>\n                        <span class='categories-links'>\n\t\t\t\t<i class='fas fa-folder-open '><\/i><a class=\"blog\" href=\"https:\/\/finsource.co\/?cat=1\">Blog<\/a>\t\t\t<\/span>\n            \t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\t\tDriving Success: How the Right Payroll App Can Transform Physical Therapy Practices In the physical...\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n                    <a data-id=\"524\" href=\"https:\/\/finsource.co\/?p=524\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n        \t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-hover-item rt-grid-item\" data-id=\"515\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"515\" href=\"https:\/\/finsource.co\/?p=515\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/finsource.co\/wp-content\/uploads\/2024\/06\/BLOG-covers-6241-x-3500-px-2-768x431.jpg\"\n                             class=\"rt-img-responsive\"\n                             width=\"640\"\n                             height=\"359\"\n                             alt=\"How Outsourcing Accounting Can Help Medical Practices Stay Compliant\">\n                        \n                            \n        <\/a>\n                <div class=\"overlay grid-hover-content\"><\/div>\n        \t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"grid-hover-content\">\n\t\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"515\" href=\"https:\/\/finsource.co\/?p=515\" class=\"tpg-post-link\" target=\"_self\">How Outsourcing Accounting Can Help Medical Practices Stay Compliant<\/a><\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t\t            <span class='author '>\n\n\t\t\t\t<i class='fa fa-user '><\/i><span class='author-prefix'>By<\/span><a href=\"https:\/\/finsource.co\/author\/bsl\">bsl<\/a>\t\t\t<\/span>\n                        <span class='date'>\n\t\t\t\t<i class='far fa-calendar-alt '><\/i>                                    <a href=\"https:\/\/finsource.co\/?m=20240627\">\n\t\t\t\t\tJune 27, 2024\t\t\t\t<\/a>\n                \t\t\t<\/span>\n                        <span class='categories-links'>\n\t\t\t\t<i class='fas fa-folder-open '><\/i><a class=\"blog\" href=\"https:\/\/finsource.co\/?cat=1\">Blog<\/a>\t\t\t<\/span>\n            \t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\t\tHow Outsourcing Accounting Can Help Medical Practices Stay Compliant The healthcare industry is...\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n                    <a data-id=\"515\" href=\"https:\/\/finsource.co\/?p=515\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n        \t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-hover-item rt-grid-item\" data-id=\"486\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"486\" href=\"https:\/\/finsource.co\/?p=486\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/finsource.co\/wp-content\/uploads\/2024\/06\/7-768x431.jpg\"\n                             class=\"rt-img-responsive\"\n                             width=\"640\"\n                             height=\"359\"\n                             alt=\"Cash vs. Accrual Accounting for Medical Practices: Why Accrual Offers Clearer Insights\">\n                        \n                            \n        <\/a>\n                <div class=\"overlay grid-hover-content\"><\/div>\n        \t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"grid-hover-content\">\n\t\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"486\" href=\"https:\/\/finsource.co\/?p=486\" class=\"tpg-post-link\" target=\"_self\">Cash vs. Accrual Accounting for Medical Practices: Why Accrual Offers Clearer Insights<\/a><\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t\t            <span class='author '>\n\n\t\t\t\t<i class='fa fa-user '><\/i><span class='author-prefix'>By<\/span><a href=\"https:\/\/finsource.co\/author\/bsl\">bsl<\/a>\t\t\t<\/span>\n                        <span class='date'>\n\t\t\t\t<i class='far fa-calendar-alt '><\/i>                                    <a href=\"https:\/\/finsource.co\/?m=20240625\">\n\t\t\t\t\tJune 25, 2024\t\t\t\t<\/a>\n                \t\t\t<\/span>\n                        <span class='categories-links'>\n\t\t\t\t<i class='fas fa-folder-open '><\/i><a class=\"blog\" href=\"https:\/\/finsource.co\/?cat=1\">Blog<\/a>\t\t\t<\/span>\n            \t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\t\tCash vs. Accrual Accounting for Medical Practices: Why Accrual Offers Clearer Insights Cash basis...\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n                    <a data-id=\"486\" href=\"https:\/\/finsource.co\/?p=486\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n        \t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<div class=\"rt-col-md-4 rt-col-sm-6 rt-col-xs-12 default rt-grid-hover-item rt-grid-item\" data-id=\"471\">\n\t<div class=\"rt-holder tpg-post-holder \">\n\t\t<div class=\"rt-detail rt-el-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"rt-img-holder tpg-el-image-wrap has-thumbnail\">\n\t\t\t\t\t<a data-id=\"471\" href=\"https:\/\/finsource.co\/?p=471\" class=\"tpg-post-link\" target=\"_self\">                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/finsource.co\/wp-content\/uploads\/2024\/06\/6-768x431.jpg\"\n                             class=\"rt-img-responsive\"\n                             width=\"640\"\n                             height=\"359\"\n                             alt=\"5 Medical Practice Bookkeeping Myths: The Real Truth About Outsourcing\">\n                        \n                            \n        <\/a>\n                <div class=\"overlay grid-hover-content\"><\/div>\n        \t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"grid-hover-content\">\n\t\t\t\t<div class=\"entry-title-wrapper\"><h3 class=\"entry-title\"><a data-id=\"471\" href=\"https:\/\/finsource.co\/?p=471\" class=\"tpg-post-link\" target=\"_self\">5 Medical Practice Bookkeeping Myths: The Real Truth About Outsourcing<\/a><\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"post-meta-tags rt-el-post-meta\">\n\t\t\t\t\t\t            <span class='author '>\n\n\t\t\t\t<i class='fa fa-user '><\/i><span class='author-prefix'>By<\/span><a href=\"https:\/\/finsource.co\/author\/bsl\">bsl<\/a>\t\t\t<\/span>\n                        <span class='date'>\n\t\t\t\t<i class='far fa-calendar-alt '><\/i>                                    <a href=\"https:\/\/finsource.co\/?m=20240625\">\n\t\t\t\t\tJune 25, 2024\t\t\t\t<\/a>\n                \t\t\t<\/span>\n                        <span class='categories-links'>\n\t\t\t\t<i class='fas fa-folder-open '><\/i><a class=\"blog\" href=\"https:\/\/finsource.co\/?cat=1\">Blog<\/a>\t\t\t<\/span>\n            \t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt tpg-el-excerpt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"tpg-excerpt-inner\">\n\t\t\t\t\t\t\t\tCommon Misconceptions About Outsourcing Bookkeeping for Medical Practices The healthcare industry is...\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t        <div class=\"post-footer\">\n            <div class=\"post-footer\">\n                <div class=\"read-more\">\n                    <a data-id=\"471\" href=\"https:\/\/finsource.co\/?p=471\" class=\"tpg-post-link\" target=\"_self\">Read More<\/a>                <\/div>\n            <\/div>\n        <\/div>\n        \t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<div 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With accounting skills, you can set a budget, optimize tax returns, or forecast trends. Still, even after learning what an accountant does, you might still wonder what accounting is at its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"rttpg_featured_image_url":{"full":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-scaled.jpg",2560,1436,false],"landscape":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-scaled.jpg",2560,1436,false],"portraits":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-scaled.jpg",2560,1436,false],"thumbnail":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-150x150.jpg",150,150,true],"medium":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-300x168.jpg",300,168,true],"large":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1024x574.jpg",640,359,true],"1536x1536":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1536x862.jpg",1536,862,true],"2048x2048":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-2048x1149.jpg",2048,1149,true],"square":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-550x550.jpg",550,550,true],"brands":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-105x59.jpg",105,59,true],"card":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-550x656.jpg",550,656,true],"qi_addons_for_elementor_image_size_square":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-650x650.jpg",650,650,true],"qi_addons_for_elementor_image_size_landscape":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1300x650.jpg",1300,650,true],"qi_addons_for_elementor_image_size_portrait":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-650x1300.jpg",650,1300,true],"qi_addons_for_elementor_image_size_huge-square":["https:\/\/finsource.co\/wp-content\/uploads\/2023\/08\/9-1300x1300.jpg",1300,1300,true]},"rttpg_author":{"display_name":"bsl","author_link":"https:\/\/finsource.co\/author\/bsl"},"rttpg_comment":5,"rttpg_category":"<a href=\"https:\/\/finsource.co\/?cat=1\" rel=\"category\">Blog<\/a>","rttpg_excerpt":"What is Accounting: Types, Examples, and FAQs Whether you run a small business or an enterprise, accounting plays a key role in financial management. With accounting skills, you can set a budget, optimize tax returns, or forecast trends. Still, even after learning what an accountant does, you might still wonder what accounting is at its&hellip;","_links":{"self":[{"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/posts\/1","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finsource.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1"}],"version-history":[{"count":20,"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/posts\/1\/revisions"}],"predecessor-version":[{"id":630,"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/posts\/1\/revisions\/630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finsource.co\/index.php?rest_route=\/wp\/v2\/media\/465"}],"wp:attachment":[{"href":"https:\/\/finsource.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finsource.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finsource.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}