Financial accounting is the accounting system that tracks, records, and analyzes financial data. Accountants use it to put together accounting information and financial statements for people outside the company.
You'll need financial accounting to get a loan, find investors, or file taxes. In fact, you're likely already using financial accounting if you have financial accounting software. However, you’ll want to learn why you need to use it and how it's useful for small businesses. This article will discuss financial accounting basics, why you need it, and how it can help with business decision-making.
- What is financial accounting?
- Financial accounting vs. managerial accounting
- What is the primary purpose of financial accounting?
- Standards and principles of financial accounting
- Methods of financial accounting
- Types of financial accounting systems
- Financial statements overview
- Financial accounting examples
- What type of accounting do you need?