What types of financial accounting are there?

In financial accounting, there are different types, depending on which aspects of the company are financially recorded and evaluated. Here are the main types:

1. Current financial accounting (Fibu): This is the classic form of accounting in which all business transactions of the company are systematically recorded. These include income, expenses, liabilities, receivables and assets.
2. Accounts receivable accounting: This deals with the company’s claims against its customers. All outstanding invoices (claims) and their payments are recorded and monitored.
3. Accounts payable accounting: This records the company’s liabilities to suppliers and other creditors. It ensures that all invoices are paid and that liquidity is monitored.
4. Asset accounting: This type of accounting records and monitors the acquisition, depreciation and sale of fixed assets of the company, such as machinery, vehicles or real estate.
5. Wage accounting: Wage accounting records the wages and salaries of employees, including the calculation of social security contributions and taxes.
6. Cost and performance accounting: This goes beyond pure financial accounting and serves to record, control and analyse the costs and performance within a company. It is an important instrument for business management control.
7. Balance sheet accounting: This type of accounting focuses on the preparation of annual financial statements, in particular the balance sheet and the profit and loss statement. It shows the financial position of the company at a specific point in time.
8. Group accounting: This form is relevant for groups that consist of several legally independent companies. In group accounting, the financial data of all subsidiaries are combined and consolidated.

All these types of financial accounting contribute to the overall view of a company’s financial position and economic success.