PUBLICATIONS

Blog

Basic accounting: Keys for SMEs

nombre noticia

February 15, 2023

Accounting is the instrument that will allow us to keep track of what we do. You will have all the economic information of our company.

Basic accounting concepts

  • Assets: Rights, assets and resources owned by the company
  • Liabilities: Obligations and debts contracted by the company, on many occasions to be able to pay the assets (loans, debts with a partner or public administration)
  • Net worth: Net worth is the result of subtracting, that is, the difference between the Assets and Liabilities of a company.
  • Annual accounts: These are the documents that certify the financial situation of the company&
  • Balance sheet: It is a document that reflects vital data, such as assets, liabilities and net worth.
  • Profit and loss accounts or income statements: Report in which two variables are compiled: expenses and income of the accounting year.
  • Report: This document is required to be submitted, so it must be taken into special account. It is prepared jointly with the Annual Accounts.
  • Daily book: records the operations carried out by the company through the so-called “accounting entries”, which include collections from customers, debt payments…
  • General ledger: Summary of economic operations or accounting accounts carried out by the company. For its realization, it is part of a chronological structure.

A company's accounting accounts: what to do? What are they and what are they for? serve

This is a very effective representation of the economic situation of the company, since it includes income, expenses and all operations in order to know the financial situation of the same.

Banking management

The management of the bank statement constitutes most of the accounting workload, especially in the checking or checking the correspondence of the registered movements (invoices, tickets, purchases, sales) with their bank movement.

Accounting obligations of SMEs

  • Daily Book
  • Individual (income)
  • SMEs (companies)
  • Deposit of Annual Accounts in the Mercantile Registry
  • Legalization of books

Accounting closing

The accounting closing is the process by which we determine the result of the exercise of the year. It involves reviewing the accounts to detect errors and duplications, as well as how to make the necessary adjustments so that accounting reflects the reality of the business.