The accounting process is the series of steps followed by the business entity to record the business financial transactions that include steps for collecting, identifying, classifying, summarizing, and recording the business transactions in the books of accounts of the company so that the financial statements of the entity can be prepared. The profits and the business's financial position can be known after regular intervals of time.

Thus, the accounting process includes the steps that are to be followed for recording, classifying, summarizing, etc. the financial transaction of the business where the process starts with identifying the transaction and ends mainly with the preparation of financial statements that are finally used and evaluated by the users of the business.

This has been a guide to Steps in the Accounting Process and its definition. Here we discuss the eight important steps of the accounting process. You may learn more about financing from the following articles –

• Accounting Procedure
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• Fair Value Accounting