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Chart of accounts, the foundation of your accounting system

The chart of accounts shows in details complete listing of accounts in accounting system. Every transaction is assigned to a specific account, and all the individual accounts sum up together to make the chart of accounts. An account is vital to organize your business’s accounts.

By using the chart of accounts all transactions are recorded in the general ledger, to provide an understanding of the business health and helping the business to comply with the local government regulations. In simple terms, the chart of accounts is a listing of all the accounts that are used in general ledger for managing all the financial transactions.

Chart of accounts, the foundation of your accounting system

With HI Accounts all your accounting data is at one place and you can easily track everything coming in and going out of your business. With HI Accounts organize and set up your chart of accounts in a few simple steps, intelligently managing your financial transactions.

While creating your company on HI Accounts, there are default chart of accounts to choose from. Though not tailor made but they are as close as possible to suit your business requirements. You can create new, edit or delete the existing accounts in the default chart of account anytime and have as many accounts as your business needs. HI Accounts makes this easy by listing a drop-down list of your business type to select from.

Profit and Loss

Know where your business is heading with profit and loss statement

Statement of comprehensive income is generally referred as profit and loss statement or operating income statement. It delves into detail the sales/revenue generated in a specific period in comparison with the costs of goods and expenses involved. The income statement shows investors, stockholders and business owners whether the company is in profit or loss. The income statement holds an important place for taking business decisions, it is normally generated monthly.

HI Accounts is the one point solution where all of your financial information is stored and managed, you always have the access to information needed to efficiently manage your business. It keeps track of sales, purchases and expenses, generates invoices and receipts, and produces financial and GST reports. Your data is efficiently managed by HI Accounts to monitor the day-to-day finances and transactions.

Use HI Accounts to generate a precise and detailed profit and loss statement

HI Accounts includes a profit and loss statement, the income statement is a crucial tool for business owners. It shows if the business is operating in profit or a loss for the specific period. It is easy to generate the profit and loss statement in just a few seconds, as HI Accounts stores and manages all your financial information, generate a financial statements for any period at any time. Choose Reports > Statement of Comprehensive Income and the check whether you are in profit or loss.

In HI Accounts the Statement of comprehensive income shows subtotals for Sales/Revenue, Cost of Goods, expenses and any taxation if involved. Once generated, the income statement shows your total revenue, your gross profit, expenses and your net income or loss after tax. You can go deeper in details and get a detailed transaction by clicking the particular item.

Balance Sheet

Your business health reflects in a balance sheet

A balance sheet reflects the financial health of a business, the assets owned, the liabilities it owes, net worth of business is reflected in the balance sheet. There are five main components of a balance sheet, Capital, Long time liabilities, Fixed Assets, Current Liabilities and Current Assets. It is further divided into two sections Source of funds and Application of funds, and both the sections must balance, thus balance sheet. The balance sheet, with the income and cash flow statement, is a primary report for any business house. The balance sheet is the main component for other financial reports as all other reports either derive or feed from it.

HI Accounts manages all of your accounting and financial data in one location, generate your balance sheet in just a few clicks. HI Accounts offers a ready to use balance sheet which does all the calculations for you, making it easy to generate and analyze your balance sheet.

HI Accounts makes it easy and simple

HI Accounts allows you generate and analyze over 50 financial reports and statements in minutes. You can view the balance sheet on various levels and drill down for a deeper analyses. Categories of share capital is listed, followed by the earnings and Long term liabilities which are listed first as source of funds in the balance sheet. Followed by the fixed assets, Current assets and current liabilities. The difference between assets and liabilities is displayed at the bottom. The equity or net worth of the business is displayed at the top. Choose Reports > Statement of Financial Position and the check your business health in seconds.

Balance sheets also helps you in analyzing your business trends, especially for receivable, payable and expenses. You collect overdue invoices more effectively, record bad debts that can't be collected. Balance sheet will provide you with the all the financial information you need to effectively manage your business's financial health.