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Finance and Accounting

Finance and Accounts are two different fields that are closely related. Finance is the study of how money is managed and allocated over time while accounting is the process of recording, classifying, summarizing, analyzing, and reporting business transactions. The primary objective of accounting is to reveal the profits and losses of a business. Financial reporting occurs through the use of financial statements such as the balance sheet, income statement, statement of cash flow, and statement of changes in shareholder equity.

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Procure to Pay

The Procure-to-Pay (P2P) process is a set of integrated actions and events a company or business adopts to procure the required goods or service order from an outside supplier.

Order to Cash

The Order-to-Cash (O2C) process is a series of steps that start when a customer places an order and ends when the business has received and cleared cash for that purchase.

Record to Report

The Record-to-Report (R2R) process is a finance and accounting management process that involves collecting, processing, and presenting financial information in the form of..

GL Accounting

The General Ledger (GL) Accounting process is the process of recording and maintaining all financial transactions of a company. The GL is the central repository for all financial..

Financial Reporting

Financial Reporting is the process of producing statements that disclose an organization's financial status to management, investors and the government. Financial reports..

Reconciliations

Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Reconciliation also confirms that..

Accounts Payable

Accounts Payable is the amount of money that a company owes to its vendors/suppliers for availing their goods/services. The accounts payable process of a company is the..

Accounts Receivable

Accounts Receivable is the amount of money owed by customers for goods or services that have been sold but not yet paid for. The accounts receivable process typically involves four steps..

Payroll Processing

Payroll processing is the method you follow to pay employees at the end of a pay period. It involves calculating total wage earnings, withholding deductions, filing payroll taxes..

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