Work Smarter – Not Harder

Accounting Year

The most important terms in time management

Back to Home page

What is an Accounting Year?

An accounting year is annual financial reporting period in which company organizes its financial data. It is useful when you are running a business. Potential shareholders analyze the company’s performance through its financial statements. That’s why it is important to keep your financial records clear and prepare them regularly. Typically once a year each company is preparing balance sheet, profit and loss account and cash flow. This year is cold accounting year.

All financial data is gathered and used for the compiling of external and internal reports published in financial statement.

An end year report entails:

  • An income statement: It shows all the transactions that the organization conducted over a period. The records include gains, expenses, sales, and losses by the company
  • A cash flow statement: It shows how cash flows both in and out of the company and what is the profitability of the company
  • A retained earnings statement: It usually presents the total profit that the company made over a year

How an Accounting Year Works?

A company has to define the period when the accounting year begins and ends. The accounting period is different in different countries but usually it lasts 12 months. In some cases 18 months.

How can Zistemo Help You?

Compiling financial reports can be quite complex. Zistemo helps you compile all the financial data you need in one place. Streamline the financial reporting at your organization to avoid accounting issues and taxes problems.

A Accounting system Accounting year


Related words

E-Invoicing

What is e-invoicing? Everything’s going digital: so why shouldn’t your bills? E-invoicing is a form of electronic billing. In any situation that requires an invoice be issued, an e invoice will suffice.

Commercial Invoice E e-invoicing

Net Income Formula

What is Net Income? An important metric of effective management, workplace productivity and company growth, net income is the company’s total revenues earned, less any expenses such as production and operation costs for that period.

N

Assets

What are assets? Assets are anything available to meet commitments or offset debts and add financial value to a business or service. It may be money in the bank, investments, property or possessions.

A

Employee Time Management – The Ultimate Guide

If you think about it, time management is not really about managing time at all. It is pretty much about managing yourself and how you prioritize your tasks. After all, we all have 24 hours so how we use the hours is specifically up to us.

E

zistemo: the productivity booster for your business

No credit card required. Cancel anytime.