Their jobs are no longer limited to the preparation of financial accounts. Excel also provides several functions that are designed to perform common accountancy and financial analysis calculations. This is the final function of accounting. The steps in the bookkeeping cycle have corresponding accounting functions. Read this article to learn about the concept, objectives and functions of accounting. The recorded financial data is analyzed and interpreted in a manner that the end-users can make a meaningful judgment about the financial condition and profitability of the business operations. It’s important for bookkeepers and accountants to have a clear idea of what it takes to be sure that the information coming out of the accounting system is complete, timely, […] Communicate: Functions of Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organization, and the financial position of a business at a particular moment in time. The report function of accounting software can give you an eagle eye's view of your business. An accounting information system takes all the data and figures from an organization's financial records and arranges them into an orderly structure. Business managers must ensure that their company’s bookkeeping and accounting system is adequate and reliable. Report functions are often customizable in accounting software; they can summarize data or be detailed, depending on your needs. Functions of an Accountant. Reports. Concept of Accounting: Accounting is a means of communicating the results of business operations to various parties interested in or connected with the business viz., the owners, creditors, investors, banks and financial institutions, Government and other agencies. The functions are: 1.Forecasting and Planning 2.Organising 3.Coordinating 4.Controlling Performance 5.Financial Analysis and Interpretation 6.Communication 7.Special Studies 8.Protection of Business Assets 9.Tax Policies. The following points highlight the top ten functions of management accounting. Some accounting software provides this function with the capability of turning it on or off. The accounting information system serves three basic functions: to collect and process data, to provide information to … Accountants also provide their clients, the government and society in general with many other important services. 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