Processes have sets of rules that are universally applicable and followed by everyone. 

These rules are essential because they define the process of core functions to ensure uniformity and consistency.

Similarly, there are golden rules of accounting, too.

Golden rules of accounting lay the foundation for preparing financial accounts.

So, if you want to keep your books up-to-date and accurate, follow the three golden rules of accounting: 

• Debit the receiver and credit the giver.
• Debit what comes in and credit what goes out.
• Debit expenses and losses, credit income and gains. 

Each of these three golden rules is based on the type of account in question, but they’re all applicable to organizations and businesses that deal with financial activities. 

Are you in need of some assistance in dotting your financial I’s and crossing your taxable T’s?

Then feel free to reach out at any time and we’ll be happy to count your beans!