Accounting can be  basically defined as the activity of monitoring value (expressed in money) and studying of phenomena related to the business system (ie companies ...) (Zaman, Hočevar and Igličar, 2007). Accounting includes four accounting functions:  

• bookkeeping --> handling information about the past,
• accounting forecasting --> handling information about the future,
• accounting analysis --> data analysis,
• accounting supervision --> control of data processing control.
  
  

Accounting, meant as bookkeeping and accounting forecasting, means monitoring the business, while the other two functions are concerned with studying business operations.

The users of accounting information can be divided into inside users (within the company) and outside users (outside the company). The first are, of course, the owners and managers of the company (and employees), outside users are firstly the government, lenders, suppliers, customers, etc.

Accounting in the company does not necessarily cover all of its four functions, but the complexity of accounting in a company depends on the complexity of the company's operations. Accounting is thus present in every company, while other accounting functions, in particular accounting analysis and supervision, are usually present in several major business systems.

Accounting primarily allows the company to have accurate information about the past business of the company. This information is important and necessary not only from the point of view of the owners and management of the company, but also enables accurate reporting on the company's business operations to external users. One part of financial reporting is also regulated and compulsory for the company (eg tax return, payroll ...).

Accounting of the company must be kept by the company itself or entrusted to third parties, such as accountants, accountants, data processing centres etc. The regulations that govern the keeping of accounts, especially the tax laws, are constantly evolving; new obligations are on the agenda, so that even the majority, if not all, of small and medium-sized enterprises make use of the accounting of external subjects. The market also offers a multitude of software applications for the digitalisation of the company, from simple invoicing, to the complete preparation of accounting and tax declarations required by law. All relations with institutions (Revenue Agency, Chambers of Commerce, injury insurance ...) exist exclusively by electronic means. All communications and declarations must be sent within the terms established by law, otherwise you will be subject to penalties that vary and can also be very heavy, in addition to possible audits by the relevant offices. In light of all these factors, it is undoubtedly advisable to rely on an external structure to carry out all the procedures for opening the company and for keeping the accounts.