By George Obua | Project Leader
Value: financial accounting to the Non-Profit Organization
The term NPO stands for Non-Profit Organization; Kole Intellectual Forum – is one such organization reporting to you ; and, it is that organization that values the importance of financial accounting in its system of operation.
Financial accounting according to the international accepted Principle; that is, furnished to give information to individuals and groups both inside and outside the organization to help them assess the organization financial performance. In other words, it can as well be called management accounting, a system that helps one to keep the business running while financial accounting on the other hand tells you what you are doing with the fund.
In it, it includes using Books of accounts that are the place in which all of the financial transactions and operations of a company/an organization are recorded. The books enable business owners and organizational managers to understand what money is coming in and out of the business. They are also important for preparing cash flow forecasts and financial reports for the proper planning as well as determining the risks.
Mainly, the system helps the organization to keep track of expenses, income, and other activities. Basically keep an eye on all data that affect the finances of a business organization.
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