accounting cycles

Business Definition for: Accounting Cycle

the regular process of formally updating a firm's financial position by recording, analyzing, and reporting its transactions during the accounting period

Additional Resources
Accounting -The Language of Accounting

Many of the small-business managers view accounting in a negative way. It's overhead and really doesn't contribute to the bottom line. They have little grasp of the operation that generates the money to pay their salaries. The purpose of the accounting system is to communicate. It produces useful information