Accountancy


Before of all, we need to distinguish between the accountancy and the accountant. these two terms are very similar together but really they are different in accounts departments.

Accountancy

Accountancy

Accountancy: Refers to the process of accounting operations includes from start to end by hand or by P.C.

Accountant: Refers to the person that doing accounting. in other words, Accountancy is what accountants do!, However, accountants perform other roles such as:  auditing, financial management, insolvency, taxation and management consultancy.

Types of Accountancy

Types of Accountancy

Types of Accountancy

  • Auditing

    • Inspecting vouchers to find mistakes to make balance sheet balanced and true. This type of accountancy is hard working and the most expensive between other jobs in accountancy fields.
  • Bookkeeping

    • Recording vouchers and receipts into books of accounts correctly. It could be done by hand or PC. bookkeeping by PC could be done by open sheet applications as excel or programmed bookkeeping software.
  • Financial Accounting

    • Control financial transactions and generating useful and wanted reports and statements. These reports will be used by internal or external users. The most important external users are banks when they need statement of accounts to approve loan requests.
  • Financial Management

    • Managing resources of finance and spend it with regard to priority of time.
  • Insolvency

    • An smart solution to recovering a bankrupted business and start it again with discovering some new financial resources to enable business to pay its owed money to payable accounts
  • Management Accounting

    • Control cost of finished goods and managing producing of goods to get the most profits. sometimes this type of accounting called producing accounting or producing management.
  • Taxation

    • Smart solutions to pay less amount of tax but with legal ways !. Any mistakes in fill out tax forms could has big amounts of fines and penalty.
  • Management Consultancy

    • Top Consultants of any subjects from start to end to make accounting processes better and more clear

Generally it is not possible one person to have all these talents in his/her tasks fields because every items of accountancy needs years of experiences to be a professional candidate in it.

References: Wikipedia,  Webster