Business management and administration is one of the integral parts for any business. Keeping track of your finances is one of the major aspects which every business owner must pay attention to. That's where every business has the accounts department to keep and maintain all the monitory information.
Accountancy is the process of sharing financial information of a business setup with all the people related to that particular business entity. These people are mostly the share holders, managers, business partner, etc. This information is made public with financial statements which are relevant and understandable to the users.
The act of sharing such information, or Accounting, has been in practice since ancient times now. The earliest existence or the oldest account records were found which was considered to be older than 7000 years. These records were found in Mesopotamia. People of that time used to us accounting methods to keep the record of corps and herds.
Since those times, Accounting has evolved and has become the most indispensible part of any business and any organization's structure.
There are two major parts of Accounting; Bookkeeping and Auditing. Bookkeeping is the process of keeping or maintaining all the financial record in a manner so that it can be used for future references as well. These transactions can be for sale, purchase, income and any payment related to individual or any company.
Bookkeeping is a process performed by a bookkeeper and it must not be confused by accountancy. Both of them are two different processes which are performed by specialized professionals from two expert streams.
Auditing, in general terms, means evaluation of a person, company, process or a project. Auditing is a specialized activity and is performed by trained accounting professionals. In Accountancy, auditing is performed to check the reliability and validity of the information. These services are used to evaluate a business or financial of any organization as well.
Companies use such information before filing for any tender and before collaborating with any company. In Europe, most companies outsource the Accountancy process and London being the hub of UK, has most of the Accounting professionals and financial service providers situation.
Accounting firms in London are professional and experienced in whatever services you may need in Accounting and Bookkeeping. You'll find good Chartered Accountants in London who can provide specialized services in this sector.
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