what are benefits of the accounting cycle 
the accounting cycle can aid a company in keeping accurate books and not losing important financial information analyzing financial events preparing required financial statements and overall managing a business successfully who is responsible for performing the accounting cycle usually accountants are employed to manage and conduct the accounting tasks required by the accounting cycle if a small business or one person shop is involved the owner may handle the tasks or outsource the work to an accounting firm the bottom linethe accounting cycle is a comprehensive accounting process that begins and ends in an accounting period it involves eight steps that ensure the proper recording and reporting of financial transactions once a company s books are closed and the accounting cycle for a period ends it begins anew with the next accounting period and financial transactions 