The Process of Accounting involves the classifying of accounting information so that it forms a meaningful basis for presenting financial information. If you are required to maintain a double-entry system set of books, don't let the use of debits and credits be a stumbling block. We can assist you in setting up your system right the first time.

The First Step in setting up your accounting system is to decide which method of accounting is appropriate for you, Cash or Accrual, and create the right "Chart of Accounts" for your particular business. You can start with a generic template or list, but you should personalize your accounts to your needs. The various phases of the accounting cycle include; documenting, recording, journalizing and assembling the components of transactions that are then posted to your Chart of Accounts.

GAAP (Generally Accepted Accounting Principals) should be followed throughout the flow of accounting information from the various journals to the subsidiary ledgers. You should develop internal controls that are designed to protect cash and other assets of your business.