But I'm jumping ahead of myself. Let's specify a few important principles: accounting is the method through which accountants evaluate, track and report on financial information so that resource allocation decisions can be made by whoever the decision makers are.
For a small company owner's personal finances, for example, an accountant could be calculating the finances of a few people (the family), and reporting the required details to the small business owner. In this situation, the decision maker is the small business owner and his decisions involve deciding the amount of money he has to put for family requirements.
Usually, there are two main types of accounting. There is financial accounting and there is auditing. Financial accounting usually entails processing of financial information about a business operation where information is recorded, structured, summarized, interpreted and ultimately communicated.
Auditing, on the other hand, is there method that an independent auditor verifies accounting records and financial statements so that he or she may express a professional judgment about the financial records and answer questions about projections.
In the middle of accountancy lies the requirement to consider stock of the day to day state of different sales and expenses. In the modern world when several agreements are partially fulfilled at varying times, bookkeeping is the only way to know where you and your business stand in the greater scheme of things.
If a person manages his own small company, he might be able to do just fine with some accounting software. He should take a look around for a few flowchart templates and must simply enter in the various types of income and expenditures, then each subsection updates the suitable fields. Before he understands it he's got evidence that all bills have been allotted for and he's found the bottom line.
If a person finds he may manage your business finances on his own, then by all means, he should stick with the system which he knows works. If, however, he starts running into difficulties which make it hard for him to determine where discrepancies are coming from, it may be time to enlist the services of a specialized accountant.
Sadly for me, I do require the services of a professional accountant. With that being said, finding a Manhattan accountant - even an extremely experienced one - must be far from impossible.
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