Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
Data entry refers to the process of recording the transaction of the company that wants to have a clear picture of the inflows and outflows of cash, it is the process of recording everything in the books of the company on any of the software they are using.
Financial statements are the statments like Profit & Loss A/c, Balance Sheet, and Cash Flow Statement prepared for the financial year to know the real position of the company or any organization.
ERP/Tally Accounting is done on the software to record all the transactions to have a clear picture of all the statements of the company as a tally is required at the time of auditing of the company.
Consultancy in accounting means gaining or acquiring the knowledge about the best advice for preparing financial statements of the company.