Every bookkeeper should know the eight basic stages that split up a bookkeeper’s work process. While some of the steps in the accounting cycle have been automated thanks to advanced technologies, understanding how to do the job manually can be crucial for SME accountants who have limited tech support.
The accounting cycle is a primary process for carrying out an enterprise’s bookkeeping-related tasks. It gives accurate information about how to record, analyze, and make final statements of a company’s financial affairs. The accounting cycle functions throughout the entire reporting period, providing data for analyzing monthly, quarterly and annual reports.