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On this page you will find an introduction to accounting with supporting accounting calculators provided at appropriate discussion points in the introductory article. These Accounting Calculators are part of the suite of free online finance calculators designed and maintained by iCalculator. Please choose one of the accounting calculators from the selection below. If you are looking for a bespoke accounting calculator for a certain accounting calculation that is not featured in our suite of accounting calculators, please contact us and we will build the accounting calculator and add it to our suite for you and our other communities free use online.
Most of the accounting calculator here are designed with small business in mind. If you run a small business or require a specific calculator for your business to use online, please get in touch.
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If you are unfamiliar with accounting practices the mere thought of creating account can seem daunting, for new business start ups, accounts are probably the biggest fear and central point of anxiety, particularly in the early years. Accounting can be a challenge, understanding the best practice for keeping books, balancing and reconciling accounts and then there are accounting forecasts for planning and measuring business performance. It is with an understanding of these business challenges that the team at iCalculator developed this suite of online accounting tools or accounting calculators as we call them. These calculators are provided to assist you with your accounts and help you understand appropriate accounting practice as well as develop understanding of key accounting practices to help you steer your business to success. You can choose an accounting measure as per your need from the various calculators on this page. All the calculators are online and free to use and will help you in several ways:
In order to produce clear accurate results, you should enter the correct information into the calculators though you can enter dummy information if you are simply looking to gain further knowledge on accounting best practice. Note that the key here is to have the correct numbers in order to run a profitable business, incorrect data can distort results but still provides insight into the accounting approach and decision making.
Accounting has everything to do with finance. The history of accounting goes thousands of years into history. The very first records of accounting can be traced back to ancient Babylonian and Egyptian civilizations. Also, records of goods that were traded were found during the Mesopotamian civilizations times, even then the concept and importance of a ledger was clearly understood.
Chankya, during the 2nd century BCE and the third century CE wrote "Arthashastra" During the Mauryan empire. This manuscript contains information on record keeping of accounts. Although record keeping goes back to the days of the barter system, where people kept records of received goods that that would later be exchanged with other goods.
The modern accounting and the chartered accountant profession emerged in Scotland during the 19th century. Accounting began to transition into a properly organized profession in England, while the Institute of Chartered Accountants came into existence in England and Wales in November 1870.
Modern day accounting can be defined as record keeping of financial transactions, mainly for businesses though personal accounting is increasing common though less routine and detailed in practice. In business accounting records, you will find details of the company's financial profile, debits and credit transactions, cash flows in general and a summary of the company's operations.
Bookkeeping encompasses the basic accounting needs, however, for advanced accounting measures a certified accountant is generally employed or contracted by corporations. It does not matter if you have a small business or a big group of companies, accounts are legally required and must be maintained in order to measure the financial success of the company, provide transparency to appropriate government bodies for taxation purposes and to support better, informed financial decisions for the future success of the business.
Generally Accepted Accounting Principles (GAAP) is generally used by the professional accountant as a standard guide. GAAP is taken into consideration for preparing and maintaining all kinds of financial statements.
It is not only businesses that use accounting, governments also use accounting measures to evaluate financial growth and planning of their countries. For instance a very basic accounting measure used by almost all the countries is Gross Domestic Product (GDP).
The GDP of a country is a reflection of the value of goods and services that are produced within the country. This is generally calculated on an annual basis. If you wish to find out more about this concept and use the calculator associated with it, you may click the following link:
However, if you are running a business, you generally have to keep the records of all the ins and outs of your business. As a new business owner or a startup owner, the most important thing to find out is the break-even point of your business.
If you have invested in a real estate and wish to know the rate of return you could achieve on that investment, you can use an accounting method called 'capitalization rate'. The calculations can be done using an online calculator such as the calculator that is attached to the link below:
The break-even point is the point of time when your business has earned enough to cover the entire startup cost. This is important because this is the point from which you will start making actual profits. Estimating the break-even point could be really useful before you began investing in a business. You may do the calculations by yourself or take a help of an online calculator such as the breakeven calculator below:
The real work comes after you have reached the break-even point, it is now time to review the multiple accounting measures that can support you with running your business smoothly. You may need to make further investments, consider stock purchases, review the financial feasibility of expanding your business, or perhaps to purchase some shares of other companies to gain the benefits of the market.
There is a lot to consider in running a business and good knowledge of accounting helps you to make sound decisions and reduce risk, risk being the biggest consideration that most business owners, investors and CEO\'s consider before making any significant decisions. Every investment comes with a risk and evaluating that risk can help you minimize losses and facilitate quantified profits. You will have cash flow issues to handle, you will have companies that buy your products on credit and you will buy products from other companies on credit, all these things have to be kept on record as they contribute to the business risk ratio.
Good accounting measures are particularly useful for forecasting financial profitability with periodic (often quarterly) financial reports that are geared to provide an insight into "where we are" and "where we are going" financially, the aim being to provide transparency and support better financial decisions. Generally, big companies have their own accounting departments that handle these activities for them and distribute holistic, departmental and sometimes team level strategic aims with supporting financial KPI's. This doesn't mean that smaller businesses and individual contractors cannot use the same accounting standards and practices to facilitate the same insight and success, it is simply less likely as individuals don't tend to have the same time to produce this or fully understand how they can underpin financial success.
For small businesses it can be a bit challenging to do all these calculations and maintain records. Well, we are here to help you. The accounting calculators below enable you to perform the same accounting calculations that the big blue chip companies do with ease and simplicity. More importantly they expand your knowledge on the various approaches making it easier to converse with other companies and understand how they benchmark success, this is particularly useful from a sales perspective where understanding a clients needs from a holistic perspective supports effective product placement and service delivery.
We have covered a number of accounting practices, each with their own merits than can support effective business strategies. We have highlighted how accounting works for large corporations, small companies and individual contractors and highlighted some of the key accounting calculators to get you started. The good news is that the support doesn't end here, iCalculator is packed with financial calculators, payroll calculators and information and guides to support best practice accounting. We provide support across the globe with tax and payroll calculators that range from Federal Tax in the USA to VAT in Angola, all our tools and free to use. We hope you find them useful and hope that you have time to rate our tools and/or share on your favourite social network, maybe even put a link to us on your website, these are all actions which help us to keep these tools free and support you in the business years to come.