Meaning & use
accounting system
Last updated
Meaning
nouncountablebusiness
The set of methods, records and software that a business uses to track, sort and report its money.
Grammar: Countable: a company can run one accounting system or replace it with another.
Patterns
- install an accounting system
- an accounting system for something
The shop switched to a cloud-based accounting system last year.
A reliable accounting system saves hours at tax time.
The auditors found errors in the old accounting system.
Word forms
| plural | accounting systems |
|---|
Common combinations
- set up an accounting system
- She set up an accounting system for her new business.
- computerized accounting system
- The firm moved to a computerized accounting system.
- double-entry accounting system
- A double-entry accounting system records every transaction twice.
- integrated accounting system
- An integrated accounting system links sales to billing.
Synonyms and how they differ
- bookkeeping system
- A bookkeeping system focuses on recording daily transactions, whereas accounting system also covers reporting and analysis.
- financial system
- Financial system usually means a country's banks and markets, not one company's records.
- accounts software
- Accounts software refers only to the program, while accounting system also includes methods and rules.
Word family
- account verb
- to explain or to count as a reason
- accountant noun
- a person who keeps or checks financial accounts
- accounting noun
- the work of recording and reporting money
- accountable adjective
- responsible for your actions
Commonly confused: accounting system or accountancy?
accounting system vs accountancy
Accountancy is the British word for the profession of accounting, while accounting system is a tool or method.
Practice
After the audit found many mistakes, the owner invested in a new ______ to track every payment.
Choose one answer.
An accounting system records and reports money. An operating system runs a computer, and an education system relates to schools.
Make it your own
Write a sentence using “accounting system”, then check it and compare it with the examples above.