{"id":4417,"date":"2026-04-15T11:52:17","date_gmt":"2026-04-15T11:52:17","guid":{"rendered":"https:\/\/www.brasser-accounting.de\/?post_type=glossar&#038;p=4417"},"modified":"2026-05-12T10:12:55","modified_gmt":"2026-05-12T10:12:55","slug":"financial-accounting","status":"publish","type":"glossar","link":"https:\/\/www.brasser-accounting.de\/en\/glossar\/finanzbuchhaltung\/","title":{"rendered":"Digital Financial Accounting"},"content":{"rendered":"<nav class=\"toc\" aria-label=\"Table of Contents\">\n<h2>Table of Contents<\/h2>\n<ul>\n        <li><a href=\"#einleitung\">Brief definition<\/a><\/li>\n        <li><a href=\"#grundlagen\">Basics<\/a><\/li>\n        <li><a href=\"#recht\">Legal framework<\/a><\/li>\n        <li><a href=\"#struktur\">Structure<\/a><\/li>\n        <li><a href=\"#tools\">Components<\/a><\/li>\n        <li><a href=\"#schritte\">Sequences<\/a><\/li>\n        <li><a href=\"#praxis\">Practice<\/a><\/li>\n        <li><a href=\"#fehler\">Sources of error<\/a><\/li>\n        <li><a href=\"#faq\">FAQ<\/a><\/li>\n        <li><a href=\"#fazit\">Conclusion<\/a><\/li>\n      <\/ul>\n<\/nav>\n\n<section id=\"einleitung\">\n        <div class=\"snippet info\">\n          <p><strong>Financial accounting<\/strong> is the part of accounting that systematically records, documents, and analyses all of a company's business transactions. It forms the basis for annual financial statements and tax analyses.<\/p>\n        <\/div>\n      <\/section>\n\n      <section id=\"grundlagen\">\n        <h2>Basics<\/h2>\n        <p>Business transactions are recorded chronologically and factually organised. The basis for this is documentation such as invoices, bank statements, or till receipts.<\/p>\n        <p>The aim is the complete and comprehensible presentation of assets, liabilities, equity, revenues and expenses.<\/p>\n      <\/section>\n\n      <section id=\"recht\">\n        <h2>Legal framework<\/h2>\n        <p>Financial accounting is subject to legal regulations, particularly commercial law rules (e.g. HGB) as well as tax law documentation requirements. The principles of proper accounting and the GoBD are also decisive.<\/p>\n      <\/section>\n\n      <section id=\"struktur\">\n        <h2>Structure in accounting<\/h2>\n        <p>Financial accounting is part of external accounting. It stands alongside other areas such as cost and performance accounting or <a href=\"\/en\/glossary\/payroll-accounting\/\">Payroll accounting<\/a>.<\/p>\n      <\/section>\n\n      <section id=\"tools\">\n        <h2>Typical components<\/h2>\n        <ul>\n          <li>Accounting and booking of documents<\/li>\n          <li>Management of accounts receivable and accounts payable<\/li>\n          <li>Reconciliation of bank, debtor and creditor accounts<\/li>\n          <li>Creation of analyses such as P&amp;L accounts or trial balances<\/li>\n        <\/ul>\n      <\/section>\n\n      <section id=\"schritte\">\n        <h2>Typical workflows<\/h2>\n        <ol>\n          <li>Document verification<\/li>\n          <li>Account assignment<\/li>\n          <li>Booking<\/li>\n          <li>Content alignment<\/li>\n          <li>Evaluation<\/li>\n        <\/ol>\n      <\/section>\n\n      <section id=\"praxis\">\n        <h2>Practical relevance<\/h2>\n        <p>Proper financial accounting creates transparency regarding a company's economic situation and serves as the basis for tax processes and closing procedures.<\/p>\n      <\/section>\n\n      <section id=\"fehler\">\n        <h2>Typical sources of error<\/h2>\n        <div class=\"snippet warn\">\n          <ul>\n            <li>Incomplete document capture<\/li>\n            <li>Incorrect accounting classification<\/li>\n            <li>Missing account reconciliation<\/li>\n            <li>Insufficient documentation<\/li>\n          <\/ul>\n        <\/div>\n      <\/section>\n\n      <section id=\"faq\">\n        <h2>FAQ<\/h2>\n        <div class=\"snippet info\">\n        <h3>What is financial accounting?<\/h3>\n        <p>The systematic recording and documentation of all business transactions of a company.<\/p>\n      <\/div>\n\n        <div class=\"snippet info\">\n        <h3>Is financial accounting legally required?<\/h3>\n        <p>Companies are obliged to properly document their business transactions.<\/p>\n      <\/div>\n\n        <div class=\"snippet info\">\n        <h3>What is it for?<\/h3>\n        <p>It forms the basis for analyses, annual financial statements, and tax processes.<\/p>\n      <\/div>\n      <\/section>\n\n      <section id=\"fazit\">\n        <h2>Conclusion<\/h2>\n        <p>Financial accounting is a central component of management accounting. It documents business transactions in a structured and comprehensible manner and forms the basis for closing and tax processes.<\/p>\n      <\/section>\n\n      <footer class=\"author\">\n        <strong>Author<\/strong>\n        <span>the BAS editorial team<\/span>\n        <span class=\"note\">Services pursuant to \u00a7 6 No. 3 and 4 StBerG, no tax or legal advice.<\/span>\n      <\/footer>\n\n      <p class=\"disclaimer\">\n        Brasser Accounting Solutions GmbH is a specialised accounting service provider and part of a corporate group with Quint GmbH (tax consultancy\/auditing) and Service Place \u00c5rj\u00e4ng AB (Swedish tax office). BAS exclusively performs services according to \u00a7 6 No. 3 and 4 StBerG and does not provide tax or legal advice.\n      <\/p>","protected":false},"template":"","glossar-kategorien":[20],"class_list":["post-4417","glossar","type-glossar","status-publish","hentry","glossar-kategorien-finanzbuchhaltung"],"_links":{"self":[{"href":"https:\/\/www.brasser-accounting.de\/en\/wp-json\/wp\/v2\/glossar\/4417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brasser-accounting.de\/en\/wp-json\/wp\/v2\/glossar"}],"about":[{"href":"https:\/\/www.brasser-accounting.de\/en\/wp-json\/wp\/v2\/types\/glossar"}],"wp:attachment":[{"href":"https:\/\/www.brasser-accounting.de\/en\/wp-json\/wp\/v2\/media?parent=4417"}],"wp:term":[{"taxonomy":"glossar-kategorien","embeddable":true,"href":"https:\/\/www.brasser-accounting.de\/en\/wp-json\/wp\/v2\/glossar-kategorien?post=4417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}