Accounting process steps refer to a systematic approach for collecting, analyzing, and presenting financial data. This includes recording transactions, creating financial statements and reports, auditing financial documents, producing balance sheets and income statements, and interpreting the data for decision-making purposes. By understanding the essential processes of finance and accounting, businesses can move from one step of the process to the next with confidence. The goal is to stay on top of finances in an efficient, organized way—so companies can maximize their assets and minimize their costs.