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Accounting, a meticulous recording of financial transactions, is a crucial process required for the success of businesses both big and small. While large businesses will usually employ a sizable accounting department with many employees (as well as doing business with a separate auditing firm), smaller businesses may employ only a bookkeeper.
In a single-person business, the business owner may need to handle the accounting themselves, without the help of a bookkeeper. Whether you're trying to manage your own finances or are interested in finding work as a bookkeeper for another person's business, learning the basics of accounting can help get you started.
Debit means the record goes in the left side of the t-account and credit means you should use the right side. This refers to a standard t-account journal in which records are made on either side of the vertical portion of the "T". Practice by working out how you would enter different common transactions, like paying your electric bill or receiving a cash payment from a customer.
Set up and maintain a general ledger. The general ledger is where the dual-entry transaction are recorded. Each individual record (the various debits and credits in the transaction) is made in the relevant account within the ledger. So, for a cash bill payment, an entry would be made in the cash account and another, separate entry made in the accrued expenses account. This process is greatly simplified when you use accounting software, but can also be done by hand relatively simply.
Either you can take a accounting course near your home or office to learn more on the subject or simply visit our website and practice different voucher entries by yourself in our demo company without the fear of being right or wrong. Many people have learnt accounting by posting vouchers wrongly. Simply try and keep on trying till you get the things right.
What is cloud technology ?
Cloud technology is nothing but large data centers well connected by internet and accessible from anywhere in the world over internet, which are maintained by reputed companies like Google, Amazon or Microsoft to name a few. Gmail is one of the best email app on the cloud, which we often use in our everyday life. Cloud applications have some advantages over desktop applications. They can be less expensive, simpler to manage, and easier to update. On the other hand, there may be reasons to keep your application on your desktop, including network bandwidth.
Cloud Software Applications :
Delivered over internet, wide access across all locations and platforms.
Uses third party cloud service providers like Amazon or Google.
No compatibility issues with the current hardware.
Works well on PC, Tablet, Mobile or Linux machines.
Accessible over any web-browser.
No special infrastructure required at the user end.
Cloud software can take care of the spikes in case of increase in user requirements.
No action required at the user end for new updates of the software.
Desktop Software Applications :
Delivered over an installed client on the desktop.
Comes with hardware compatibility list (user computers need to be upgraded).
Not accessible outside the office premise unless all the branches are interconnected with personal network.
Infrastructure and it’s maintenance is the responsibility of the user.
Hardware upgrades and new license purchases would be required if the user requirement increases.
Software version upgrades are a complex activity (desktop clients and the server needs to be upgraded with every version upgrade of the software).