The First Step Accounting Cycle is a series of steps that a business needs to take to complete its accounting process. This cycle involves tasks such as recording, classifying and summarizing financial transactions, preparing income statements and balance sheets, and closing accounts at the end of the accounting period. Properly following the First Step Accounting Cycle ensures that a company’s financial accounts accurately reflect the transactions of the business throughout the accounting period. It also helps ensure that all necessary steps have been taken to comply with applicable laws and regulations. With First Step Accounting Cycle, your business will be able to stay on top of its finances and make informed decisions about its future.