In today’s times, there are numerous businesses and
business firms are present across the globe. Business can be referred to any
organization with the view of providing products and/or services to their
customers. Business can be owned by private owners as well as government
owners. Business also can be with the goal to make profit and also can be
non-profit organizations. Every business includes transactions including of
money, for buying and selling of good and /or services to their customers.
In a business organization
hundreds of employees work having different sets of jobs to do and are paid by
the organization a certain sum of money depending on the post of their jobs.
From the day of starting of any business it encounters financial transactions
which need to be recorded in case needed in the future. A transaction may be
defined as an economic activity of the business that changes its financial
position and hence is written down in the books of original entry of any
business entity or organization. Transactions are recorded in books and the
first book in which the business transactions are recorded is called journal.
As it is the first stage of recording of any transaction, journal is called the
book of original entries. Every business firm needs to review their
transactions and the profit/loss which the business unit incurred so that they
could act accordingly.
Accounting comes in great help for
this purpose. Accounting other than book-keeping
may be defined as service activity having the primary function of recording
financial transactions and calculating revenue. Accounting helps in measuring
resources held by an entity, asserting claims & interests, measuring
changes in those resources, asserting changes to specified periods, etc. Common
principles for accounting known as Generally Accepted Accounting Principles
(GAAP) are some rules and guidelines that are internationally accepted by
accounting institutes of different countries.
Payroll is another system which is
used for recording of financial statements of wages, salaries, bonuses and
deductions of the employees of any business institute. Payroll taxes are deducted from an employee’s salaries/wages which
is generally the income tax deducted from their salaries. There are now many
financial institutions providing financial services for individuals, business
services like auditing, business accounting, etc and tax services like tax
preparation, tax problems, payroll tax problems, etc just like the institution
Universal Accounting & Financial services which provides payroll
services in Fort Lauderdale which provides jobs to many certified
public accountants (CPA) in Fort
Lauderdale. Many business firms and entities are greatly helped from
these accounting services available just like Fort Lauderdale Accounting service.
Universal Accounting Financial
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For more information about Property
management and Fort lauderdale Accounting
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