Financial accounting is the process by which an organization’s revenue, receivables, and expenses are collected, measured, recorded and finally reported. This process is designed to accurately reflect business activity, help companies meet legal, fiscal and statutory requirements, present financial accounts to business owners, allow for in-depth financial analysis, and facilitate efficient resource allocation. As per Wasp Barcode report, the top accounting challenges facing SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books each monthly (28%), payroll management (27%).
As per the report published by Sage Practice, more than 90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). PWC says, more than 25% of accounting professionals lack the skills or expertise to make greater use of data.
Vidya Mentors Financial Accounting Expert program introduces the principles of financial accounting, and will allow learners to demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships and companies.