Accounting A to Z: Complete Steps from Start to Finish | Accounts up to finalisation (lecture 1)

Complete Steps of Accounting explained from of A to Z: Accounts up to finalisation (lecture 1)
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Institute of Business Applications (IBA) is leading institute that provides practical Training (Online & Classroom) in Accounts up to finalization, Finance (Financial Analysis to Financial Modelling & Valuation), Taxation (GST, Income Tax, TDS, Custom duty, Payroll Compliance), Audit (Tax Audit, Company's Audit), SAP ERP, (SAP FICO), VBA excel macros and many more.
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Question: What is Accounts Finalization?
Ans: Accounts finalization is the conclusive step in the accounting cycle, where all financial transactions and activities are systematically reviewed and adjusted to prepare the final financial statements. These statements, including the balance sheet, income statement, and cash flow statement, offer a comprehensive overview of the company's financial standing.
Question: The Significance of Accurate Finalization.
Ans: Accurate accounts finalization is paramount for several reasons. Firstly, it ensures compliance with regulatory standards and reporting requirements. Secondly, it provides stakeholders, including investors and creditors, with transparent and reliable information about the company's financial performance. Lastly, it serves as a foundation for strategic decision-making, helping businesses chart their course for the future.
Steps for Accounts Finalization
Step 1: First things first, collect all your financial puzzle pieces. This includes bank statements, receipts, invoices, and any other financial records. It's like rounding up all the evidence for a case.
Step 2: Once you have your financial evidence in hand, it's time to sort them into categories. Think of it like organizing your closet . This step helps make sense of the chaos.
Step 3: The accountant will tally up the income, subtract the expenses, and voila - you've got your financial snapshot.
Step 4: The accountant may need to make adjustments. It's all about fine-tuning to ensure every detail is in its right place.
Step 5: Financial statements - the balance sheet, income statement, and cash flow statement - showcase the masterpiece of your financial year.
Step 6: The accountant ensures that your financial masterpiece follows the guidelines, meeting all legal and regulatory requirements.
In conclusion, accounts finalization is not merely a year-end formality; it is a strategic imperative for businesses aiming for sustained success. By adopting best practices such as maintaining organized records, regular reconciliation, automation, departmental collaboration, and ongoing training, organizations can streamline the finalization process and derive actionable insights from their financial statements.
Remember, the accuracy and efficiency of accounts finalization are indicative of a company's commitment to transparency and financial stewardship. As businesses navigate the intricacies of the financial landscape, a well-executed accounts finalization sets the stage for informed decision-making and future growth.
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#accounting #accountancy

[@prathameshwarang9625]

Excellent lecture

[@prateekg1423]

Sir app practical bahut sahi jankari share kar rahen hen. Yahi video cahiye thi.

[@IBATraining]

Thank you for kind the words.

[@pamulachristeena3357]

Sir youre a kinda treasure for accountants ❤ Best Whishes

[@shrikantpise8436]

Kya bat hai sir ji aapka to jwab hi nhi ek number video sir

[@IBATraining]

Any query related to Accounts up to finalisation, please write in the comment section.

[@rakeshkhasa8793]

Part 3 video hidden kyo hua sir

[@samirkumarranjan8347]

Sir apka branch Kolkata me hai

[@user-mf3zw6eq7c]

Your accounting session sir was very good. I got to learn a lot from this. Please sir, keep teaching this session forever.

[@swapnilpawar9938]

*Very knowledgeble lecture sir, Thank you Sir*

[@DurgaPrasad-wv3yd]

You are great sushil sir..
Waiting for next knowledgeable video .. 🙏🙏🙏🙏

[@debabratachakraborty211]

Very nicely explained.. thank you sir

[@soumendas4533]

Looking forward to explore this ... I know the basics... But have some confusion in finalisation.... Thank you sir for launching the course

[@manjubhargavi432]

Super explaining sir

[@miteshsudrik2103]

Awaiting for second part Sir 🥰

[@ramgopalyadav3522]

Nice explanation

[@IBATraining]

Thank You for the kind words.

[@user-jc9gb7gw2m]

Sir great 👍 thanks ❤❤❤

[@IBATraining]

Thank you for the kind words.

[@aryanrajput98]

Thankyou sir

[@sumitsahu1783]

Well explained.... Are you going to cover full process of finalisation sir...?

[@kulvindersehgal9686]

Hmare office me sir chai ki machine hi nhi h manualy hi banti h

[@music11222]

Sir ap apne telegram channel ki link send kro

[@amitsing176]

Where is class and what will be the fees ?

[@saifisiddiqui4288]

sir oracle software kaise download kare

[@MDAZAM-zq1mx]

Sir all the classes will be available on RUclips?

[@rajivsingh829]

Next video banaye sir