Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accurate bookkeeping is a necessity for any business.

When a business engages in any economic activity, such as selling goods, purchasing supplies or paying salaries, these events must be recorded in the financial books. This is the first phase of the ...

A standard of efficient business accounting is maintaining detailed records on accounts receivable. One part of the accounting process is the revenue cycle, an important group of business activities ...