An accounting system is the system used to manage the income, expenses, and other financial activities of a business.
An accounting system allows a business to keep track of all types of financial transactions, including purchases (expenses), sales (invoices and income), liabilities (funding, accounts payable), etc. and is capable of generating comprehensive statistical reports that provide management or interested parties with a clear set of data to aid in the decision-making process.
Today, the system used by a company is generally automated and computer-based, using specialised software and/or cloud-based services. However, historically, accounting systems were a complex series of manual calculations and balances.
Accounting systems typically manage the following:
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