Accounting is one of the most important divisions of any enterprise responsible for the accuracy of a wide range of business processes. The specialist has to deal with:
- the execution of orders;
- cost allocation;
- document management;
- financial flow control;
- analysis, and many other operations.
The accounting cycle refers to a cyclical and systematic workflow followed by bookkeepers. The processes involved in the cycle are essential to comprehensively record, identify, and synthesize a business’ financial transactions. This came to be every bookkeeper’s guide religiously practiced and observed throughout the year to prevent record errors. In line, its purpose is invaluable as it formally keeps financial statements and other details accurate.