This PPT covers all the important principles of accounting outsourcing and tells you about finance and accounting outsourcing tips. At accounts outsource one can find best accounting outsourcing services, tax return preparation services, accounts payable and receivable services in cost effective manner.

1. An Introduction To Basic
Accounting Principles
Business is an economical activity, and in business lot of
“give and take exist” which is termed as “Transaction”.
Basically, exchange of goods, services and money between
the two parties is called transaction. It is very vital to keep
all the records in a very systematic way or in a well
manner. The process of recording all the business
transaction is called “Book-Keeping”.
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2. Types of Accounting
• Financial
• Management
• Tax
• Forensic
• Project
• Social
Accounting is a vast and dynamic profession and is constantly adapting itself to
the specific and varying needs of its users. Over the past few decades,
accounting outsourcing companies has branched out into different types of
accounting to cater for the diversity of needs of its users.
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3. Financial Accounting
The process of recording, summarizing and reporting the myriad
of transactions from a business, so as to provide an accurate
picture of its financial position and performance. The primary
objective of financial accounting is the preparation of financial
statements - including the balance sheet, income statement and
cash flow statement - that encapsulates the company's operating
performance over a particular period, and financial position at a
specific point in time.

4. Management Accounting
Management accounting (also known as managerial or cost
accounting) is different from financial accounting, in that it
produces reports for a company’s internal stakeholders, as
opposed to external stakeholders. The result of
management accounting is periodic reports for e.g. the
company’s department managers, chief executive officer,
etc.

5. Tax Accounting
Tax accounting is a specialized field of accounting where
accountants focus on the preparation of tax returns as well
as tax planning for future taxable years.
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6. Forensic Accounting
Forensic Accounting is the use of accounting, auditing and
investigative techniques in cases of litigation or disputes.
Forensic accountants act as expert witnesses in courts of
law in civil and criminal disputes that require an
assessment of the financial effects of a loss or the detection
of a financial fraud

7. Project Accounting
Project accounting differs from standard accounting in that it is
designed to monitor the financial progress of a project rather than
the overall progress of organizational elements. With Project
Accounting, financial reports are specifically created to track the
project process. Utilizing Project Accounting provides Project
Managers with the ability to accurately assess and monitor project
budgets and ensure that the project is proceeding on budget.
Project managers can quickly address any cost overruns and
revise budgets if necessary.

8. Social Accounting
Social accounting is a type of accounting that a business
performs to place a value on the influence its operations
have on society. It requires that enterprises look closely at
all that it does and what kind of impact its activities have
on people, places, and the environment

9. Basic accounting overview
• Source Documents
• Debits and credits
• Journals
• General ledger
• Trial Balance
• Financial Statements
If you are not familiar with the basics of general ledger accounts
and double-entry accounting, the following overview will give you
the bare basics
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10. Functions of Accounting
• Keeping record of your all business transactions in a systematic
manner.
• Protecting and recording all business properties.
• Communicating with all the business parties who are interested in or
want to connected with your business.
• Meeting legal requirements.
From the standard accounting definition, the main functions of
accounting can be summarized as:
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11. Branches of Accounting.
• Financial Accounting :- It is basically prepared to identify profitability
and financial position of an organization for a specific time period.
• Cost Accounting :- This type of accounting is for recording costs. This
is the systematic procedure for identify the unit cost of the product.
• Management Accounting :- This type of accounting system is basically
for presentation of accounting information to the higher management
for making effective decision.

12. Objectives of Accounting Outsourcing
• The main aim of accounting outsourcing is to provide suitable information
with an aim of safeguarding the interest of business and its proprietors.
• To maintain the record of each and every activity occurred in the business.
• To find out the financial position of the business as a whole.
• To ensure that our accounts are prepared according to the standard level and
some concept.
• To fulfill the requirements of the Companies Act, Income Tax Act, etc.
The objectives of accounting outsourcing are to permanently record all
business transactions and to show the effect of each transaction and the
combined effect of all such transactions for a given period.
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13. Accounts
Outsource
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For Accounts Outsource – Rohit Jain