Accounting is the systematic recording, organisation and analysis of a company’s financial transactions. It involves recording income, expenses and other financial activities to maintain an accurate record of an organisation’s financial health.
Administration vs accounting
Administration involves recording and managing all business transactions and documents within an organisation. This includes financial data. Accounting specifically focuses on systematically recording, classifying and summarising financial transactions. In order to create accurate financial statements for reporting and analysis within that broader administrative context.
What should an accounting system comply with?
Effective accounting must meet several criteria to provide reliable financial information. This includes maintaining accurate and timely records, complying with legal requirements and providing insight into a company’s financial performance.
Good accounting with TriFact365
TriFact365 supports accounting through automated invoice processing. Here, invoices are automatically read and coded for the accounting system. Which improves accounting accuracy and efficiency. TriFact365 can also help organise and archive financial documents, making them easily accessible for auditing and control. Using TriFact365 saves costs, reduces errors and allows your business to focus on core activities. In addition, TriFact365 meets the requirements of modern accounting.