{"id":2919,"date":"2022-10-29T10:54:00","date_gmt":"2022-10-29T10:54:00","guid":{"rendered":"https:\/\/www.hashmicro.com\/blog\/?p=2919"},"modified":"2024-01-24T04:44:34","modified_gmt":"2024-01-24T04:44:34","slug":"financial-accounting","status":"publish","type":"post","link":"https:\/\/www.hashmicro.com\/blog\/financial-accounting\/","title":{"rendered":"A Quick Guide to Financial Accounting"},"content":{"rendered":"<p>If you are an accountant or someone who studies accounting, you must have often heard about financial accounting. This field of accounting turns out to be important not only for those who struggle with finances daily but also for business owners, especially those who have just started their business so that they can manage their business finances well. Here, we discuss what financial accounting is, what are its components, the difference between managerial accounting, and the benefits of using accounting and financial applications to facilitate the processes in it in a complete but very simple way.<\/p>\r\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:1310721,&quot;3&quot;:{&quot;1&quot;:0},&quot;21&quot;:0,&quot;23&quot;:2}\"><a href=\"https:\/\/www.hashmicro.com\/free-product-tour\/?medium=free-product-tour\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" width=\"712\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/11\/Free-Product-Tour-resized.webp\" alt=\"Free Demo\"><\/a><\/span><\/p>\r\n<div id=\"toc_container\">\r\n<h2><strong>Table of Contents<\/strong><\/h2>\r\n<ul class=\"toc_list\">\r\n<li><a href=\"#understanding\">Understanding Financial Accounting<\/a><\/li>\r\n<li><a href=\"#components\">Components of Financial Accounting<\/a>\r\n<ol>\r\n<li><a href=\"#assets\">Assets<\/a><\/li>\r\n<li><a href=\"#liability\">Liability<\/a><\/li>\r\n<li><a href=\"#equity\">Equity<\/a><\/li>\r\n<li><a href=\"#income\">Income<\/a><\/li>\r\n<li><a href=\"#cost\">Cost<\/a><\/li>\r\n<\/ol>\r\n<\/li>\r\n<li><a href=\"#types\">Types of Financial Statements<\/a>\r\n<ol>\r\n<li><a href=\"#statement\">Income Statement<\/a><\/li>\r\n<li><a href=\"#cashflow\">Cash Flow Statement<\/a><\/li>\r\n<li><a href=\"#changes\">Statement of Changes in Equity<\/a><\/li>\r\n<li><a href=\"#balance\">Balance Sheet<\/a><\/li>\r\n<\/ol>\r\n<\/li>\r\n<li><a href=\"#definition\">Definition of Double Entry, Debits &amp; Credits<\/a>\r\n<ol>\r\n<li><a href=\"#what\">What are Debits and Credits?<\/a><\/li>\r\n<\/ol>\r\n<\/li>\r\n<li><a href=\"#benefits\">The Benefits of Accounting Software<\/a>\r\n<ol>\r\n<li><a href=\"#improves\">Improves accuracy &amp; speeds up report generation<\/a><\/li>\r\n<li><a href=\"#estimates\">Estimates business cash flow accurately<\/a><\/li>\r\n<li><a href=\"#changes\">Statement of Changes in Equity<\/a><\/li>\r\n<li><a href=\"#better\">Better Accounts Receivable &amp; Payable Management<\/a><\/li>\r\n<li><a href=\"#accurate\">Accurate and easier depreciation calculation<\/a><\/li>\r\n<li><a href=\"#reconciliation\">Quick Bank Account Reconciliation<\/a><\/li>\r\n<\/ol>\r\n<\/li>\r\n<\/ul>\r\n<\/div>\r\n\r\n<h2 class=\"wp-block-heading\" id=\"understanding\"><strong>Understanding Financial Accounting<\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Financial accounting is the branch of accounting that tracks a company&#8217;s financial transactions. This branch refers to bookkeeping by classifying, analyzing, summarizing, and recording financial transactions such as purchasing, sales, accounts receivable and accounts payable, and financial statement generation.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Financial statements will later be shown to people outside the company, with the owner, shareholders, and investors as the primary recipients. However, if the company&#8217;s shares are traded publicly, its financial statements are usually widely circulated. As a result, the information will likely reach secondary recipients such as competitors, customers, employees, and investment analysts.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">That is what distinguishes financial accounting from managerial accounting, which involves preparing detailed reports and forecasts for all managers in the company to make better decisions. However, it&#8217;s important to point out that the purpose of financial accounting itself is not to report the company&#8217;s value. Instead, the goal is to provide enough information for others to assess the value of a company.<\/span><\/p>\r\n\r\n\r\n\r\n<p>You can also use a <a href=\"https:\/\/www.hashmicro.com\/finance-erp-software\" target=\"_blank\" rel=\"noopener\">system ERP finance<\/a>\u00a0in optimizing business management and meeting maximum client needs.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-22068 size-full\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/09\/Desain-tanpa-judul-26.png\" alt=\"financial accounting\" width=\"1920\" height=\"1080\" \/><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"components\"><strong>The Main Components of Financial Accounting<\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">In bookkeeping, transactions are recorded and grouped according to specific categories. There are five main components in financial accounting:<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"assets\">Financial Accounting: Assets<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Assets are all company resources that have value to enable the company to run its business short and long-term.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"liability\">Financial Accounting: Liability<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">A liability is a company&#8217;s obligation to pay a certain amount of money to external and internal parties.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"equity\">Financial Accounting: Equity<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The equity represents the amount of money that will return to the company&#8217;s shareholders if all of the assets were liquidated and all of the company&#8217;s debt was paid off.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"income\">Financial Accounting: Income<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Income (also called <a href=\"https:\/\/www.hashmicro.com\/blog\/what-is-revenue-definition-type-and-how-to-calculate-it\/\" target=\"_blank\" rel=\"noopener\">revenue<\/a>) is the money that a company earns from operating its business, such as the sale of goods or services.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"cost\">Financial Accounting: Cost<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Costs are money spent by a company to support its business operations.<\/span><\/p>\r\n\r\n\r\n\r\n<p><script>function load(e){var t=document.getElementsByTagName(\"head\")[0],n=document.createElement(\"link\");return n.type=\"text\/css\",n.rel=\"stylesheet\",n.href=e,t.appendChild(n),n}load('\/\/unpkg.com\/cta.css@2.0.2');<\/script><\/p>\r\n\r\n\r\n\r\n<div class=\"rcta_embed\" style=\"border-radius: 4px; background-color: #a93d59;\">\r\n<div class=\"rcta_headline\" style=\"color: #ffffff;\">No. 1 Accounting Software for Enterprises<\/div>\r\n<div class=\"rcta_description\" style=\"color: #ffffff;\">Automate your accounting procedures and gain greater financial visibility with the best accounting app!<\/div>\r\n<div><a class=\"rcta_button\" style=\"background-color: #48a7f9; color: #ffffff;\" href=\"https:\/\/www.hashmicro.com\/accounting\" target=\"_blank\" rel=\"noopener noreferrer\">Learn More<\/a><\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"types\"><strong>Types of Financial Statements<\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Generally, every investor, trader, or financial professional needs to understand what financial statements are.<\/span> Also, f<span style=\"font-weight: 400;\">inancial statements are an accurate description of a company&#8217;s finances in a given year. These are prepared using financial data collected by accountants or financial analysts of the company. Therefore, they need to be presented by following established and standardized accounting principles to put everyone on the same page.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Obviously, there are <strong>four types of financial statements;<\/strong> the income statement, the cash flow statement, the statement of changes in equity, and the balance sheet.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"statement\">Financial Accounting: Income Statement<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The income statement shows the income and expenses of a company in a specific<\/span> period. If the payment is higher, the company can be declared profitable, but if the expenses are more significant<span style=\"font-weight: 400;\">, the company is experiencing losses.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"cashflow\">Financial Accounting: Cash Flow Statement<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The cash flow statement shows the company&#8217;s incoming and outgoing money within a certain period. With this, you can estimate your business income and expenses in the future. You can also use it as accountability to the company&#8217;s stakeholders.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"changes\">Financial Accounting: Statement of Changes in Equity<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The statement of changes in equity provides information about the amount of capital a company has in a certain period<\/span>. With this, you can find out about changes in the <span style=\"font-weight: 400;\">capital that occurred, the amount, and the causes of these changes.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"balance\">Financial Accounting: Balance Sheet<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">The balance sheet shows the overall condition and financial position of your business for a certain period. This statement helps you find out the company&#8217;s total assets, liabilities, and equity.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">For complete information about each type of financial statement, please read the following article: <\/span><a href=\"https:\/\/www.hashmicro.com\/blog\/types-of-financial-statements\/\" target=\"_blank\" rel=\"noopener\"><b>4 Types of Financial Statements Every Business Owner Should Know<\/b><\/a><\/p>\r\n<style>\r\n.cta-in-article-image .desktop-banner{\r\n    display: none;\r\n    text-align: center;\r\n}\r\n.cta-in-article-image .desktop-mobile{\r\n    display: block;\r\n    text-align: center;\r\n    width: 100%;\r\n}\r\n@media (min-width: 650px) {\r\n    .cta-in-article-image .desktop-banner {\r\n        display: block!important;\r\n    }\r\n}\r\n@media (min-width: 650px) {\r\n   .cta-in-article-image .desktop-mobile {\r\n        display: none!important;\r\n    }\r\n}\r\n<\/style>\r\n<div class=\"cta-in-article-image\">\r\n\t<a href=\"https:\/\/www.hashmicro.com\/grants?utm_source=blog&medium=banner-article\" target=\"_blank\" rel=\"noopener\">\r\n\t\t<div id=\"desktop-banner-container\">\r\n\t\t\t<div class=\"desktop-banner\">\r\n<!-- \tnew CTC Grants Banner\t\t -->\r\n\t\t\t\t<img decoding=\"async\" width='696' height='189' src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/07\/CTC-Grants-scaled.webp\" alt=\"download skema harga software erp\">\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t<div id=\"mobile-banner-container\">\r\n\t\t\t<div class=\"desktop-mobile\">\r\n\t\t\t\t<img decoding=\"async\" width='450' height='497' src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2023\/11\/EDG-Banner-Mobile.png.webp\" alt=\"download skema harga software erp\">\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/a>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"definition\"><strong>Definition of Double Entry, Debits &amp; Credits<\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">In most companies, the standard method used to record transactions is a double-entry which means that each transaction will involve at least two accounts. The double entry refers to an accounting concept in which assets result from liabilities plus owner&#8217;s equity.<\/span> <span style=\"font-weight: 400;\">Double-entry<\/span> bookkeeping was developed in the European trading period to help rationalize commercial transactions and make trading more efficient.<\/p>\r\n<p>It also allows<span style=\"font-weight: 400;\"> traders and bankers to understand their costs and profits.<\/span> <span style=\"font-weight: 400;\">In the double-entry bookkeeping method, transactions are recorded in the form of debits and credits. Because debits in one account offset credits in another account, consequently all debits must equal the sum of all credits. <\/span><\/p>\r\n<p>Apart from that, you can also perform HR tasks and employee administration automatically with the <a href=\"https:\/\/www.hashmicro.com\/human-resource-management\" target=\"_blank\" rel=\"noopener\">HRM System<\/a> from HashMicro.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"what\">What are Debits and Credits?<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Debits and credits play an important role in double-entry bookkeeping. Debits refer to entries on the left side of the account ledger, and credits refer to entries on the right side of the account ledger. <\/span>T<span style=\"font-weight: 400;\">otal debits and credits for transactions must be equal. Therefore, <strong>debts<\/strong><\/span><strong> are not always the same as increases, and credits are not the same as decreases.<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">A debit may increase one account while decreasing another. <\/span><span style=\"font-weight: 400;\">For example, a debit increases asset accounts but decreases liability and equity accounts. Debits increase the balances in expense and loss accounts on the income statement, while credits decrease their balances. Debits decrease revenue and profit account balances, while credits increase their balances.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"benefits\"><strong>The Benefits of Accounting Software<\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">When it comes to financial accounting, it&#8217;s important to include accounting software. In this technological era, most companies have abandoned error-prone and time-consuming manual accounting processes. I<\/span>n short, t<span style=\"font-weight: 400;\">he role of accounting apps is crucial because they are proven to increase efficiency, minimize human error, optimize accuracy, and even reduce costs.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">What Great Accounting Software Does<\/span><\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Have you ever wondered why so many successful companies use accounting software? Here are a few benefits of sophisticated accounting software.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"improves\">Improves accuracy &amp; speeds up report generation<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Manually generating financial statements is vulnerable to human error, often resulting in inaccurate data. Not to mention that it is time-consuming, which leads to low productivity in the workplace.<\/span> <span style=\"font-weight: 400;\">Accounting software allows instant financial report generation. In addition, great<\/span> accounting apps provide real-time reporting that follows<span style=\"font-weight: 400;\"> government regulations.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"estimates\">Estimates business cash flow accurately<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Complete accounting software can help companies forecast their revenues, profits, expenses, and losses. This benefit is beneficial for businesses to manage and allocate their budgets. In addition, estimated<\/span> cash flows are helpful for companies looking for investors<span style=\"font-weight: 400;\"> because external stakeholders need to review the company&#8217;s prospects before deciding to invest.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"better\">Better Accounts Receivable &amp; Payable Management<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Accounting software makes it easier for you to record accounts receivable and payable. You will have a complete record of all bills and invoices. It also helps you avoid bad debts and any late fees from paying off your debts.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"accurate\">Accurate and easier depreciation calculation<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Powerful accounting software enables you to calculate fixed asset depreciation automatically and accurately. Y<\/span>ou can calculate the d<span style=\"font-weight: 400;\">epreciation of fixed assets using various methods according to your company&#8217;s policies and applicable tax and accounting standards.<\/span><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"reconciliation\">Quick Bank Account Reconciliation<\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">With a robust accounting app, you can automatically match transactions, balances, and cash directly with your bank account and provide recommendations for matching transactions based on the nominal.<\/span><\/p>\r\n\r\n\r\n\r\n<h3><strong>Conclusion<\/strong><\/h3>\r\n\r\n\r\n\r\n<p><span style=\"font-weight: 400;\">Financial accounting is not only crucial for accountants or financial staff, but it is also critical for every business owner. In othe<\/span>r words, u<span style=\"font-weight: 400;\">nderstanding financial accounting can help business owners better understand their financial position, allocate their budgets more wisely, and choose suitable investments.<\/span><\/p>\r\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}\"><a href=\"https:\/\/www.hashmicro.com\/accounting?medium=moneysite-banner\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" width=\"712\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/06\/Accounting.webp\" alt=\"Accounting\"><\/a><\/span><\/p>\r\n<p>Therefore, use the <a href=\"https:\/\/www.hashmicro.com\/accounting\" target=\"_blank\" rel=\"noopener\">Accounting Application<\/a> from HashMicro to make all of your company&#8217;s accounting activities easier. Automate cash flow management, financial statement generation, bank reconciliation, adjusting journals, invoicing, and more. Check-in<strong>\u00a0full by clicking the banner below.\u00a0<\/strong><\/p>\r\n<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"FAQPage\",\r\n  \"mainEntity\": [{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is financial accounting?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"Financial accounting is the branch of accounting that tracks a company's financial transactions. This branch refers to bookkeeping by classifying, analyzing, summarizing, and recording financial transactions such as purchasing, sales, accounts receivable and accounts payable, and financial statement generation.\"\r\n    }\r\n  },{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What are the main components of financial accounting?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"In bookkeeping, transactions are recorded and grouped according to specific categories. There are five main components in financial accounting:\r\n\r\nAssets\r\n\r\nAssets are all company resources that have value to enable the company to run its business short and long term.\r\n\r\nLiability\r\n\r\nA liability is a company's obligation to pay a certain amount of money to external and internal parties.\r\n\r\nEquity\r\n\r\nThe equity represents the amount of money that will return to the company's shareholders if all of the assets were liquidated and all of the company's debt was paid off.\r\n\r\nIncome\r\n\r\nIncome (also called revenue) is the money that a company earns from operating its business, such as the sale of goods or services.\r\n\r\nCost\r\n\r\nCosts are money spent by a company to support its business operations.\"\r\n    }\r\n  }]\r\n}\r\n<\/script>\u00a0<\/p>\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"<p>If you are an accountant or someone who studies accounting, you must have often heard about financial accounting. This field of accounting turns out to be important not only for those who struggle with finances daily but also for business owners, especially those who have just started their business so that they can manage their [&hellip;]<\/p>\n","protected":false},"author":199,"featured_media":4228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[153,87],"tags":[1986,1989,1988,1987,1985,1374],"class_list":{"0":"post-2919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-products","9":"tag-benefits-of-accounting-software","10":"tag-credits","11":"tag-debits","12":"tag-double-entry","13":"tag-financial-accounting","14":"tag-financial-statements"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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