Why Accounting is important in business?

[jay]

Without having a good accounting officer in your business is going to be very difficult for you to calculate your business expenses and income which will allow you to know how to grow your business successfully.

 

[Godspower]

Accounting is very important in business because it gives you a track of sales, stock, income and expenditure in a particular organization.

 

[jay]

If you value your business you will definitely value the accounting officer who will take care of all your business financial record because one mistake from them will put your business in a bankruptcy situation.

 

[tyrim88]

Why Is Accounting Important? Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
Also share your ideas and experiences.

One of the very important nad potent aspect of any business to withstand the rigours of the dynamics of the business environment,is a good financial record keeping.It is what will make the business to become viral and push to acheive its goals and prospects inline with its goals.

 

[Sotherefore]

Accounting is very important in business because it gives you a track of sales, stock, income and expenditure in a particular organization.

I believe accounting is only important in a business that is well established because smaller business may not really be able to engage in accounting, most business can still work perfectly even without accounting.

 

[Kvngsammy]

Accounting is very important in business because it not only helps in giving financial summaries and standings of the business, it is a good planning tool.
After considering an accounting year and studying it, one can adequately plan for the new accounting year.

 

[Godspower]

I believe accounting is only important in a business that is well established because smaller business may not really be able to engage in accounting, most business can still work perfectly even without accounting.

I think accounting apply at all levels of businesses no matter how small. The little calculations and budget an entrepreneur prepares for it's business is still some form of accounting.

 

[Heatman]

I believe accounting is only important in a business that is well established because smaller business may not really be able to engage in accounting, most business can still work perfectly even without accounting.

There is no business in the world that can actually be able to survive without having some sort of business accounting because it is the only way you can be able to calculate and manage the company's inflow and expenses of cash.

 

[Shigobad20201]

Accounting is important in business in many ways , firstly we need accounting to know the list of all the goods we have in our shops, the numbers of the item being sold and the amount of money you currently have just to know if you are gaining or not.

 

[Heatman]

Business is all about money and accounting is all about taking care of all the records that deal with the business money, so you cannot really take accounting out of business or business out of accounting.

 

[Abasiama40]

Accounting is a very important part of a business, it's help you to keep track of your business income and expenditure. It will help you to know what is going out and what is coming in.

 

[Toyoabasi]

Accounting is very important in business, this will help you to keep day-to-day records of products sold and the available products and this will also help you in evaluation and decision-making.

Without accounting, it is impossible to measure the success or failure of your business. It is what makes you know how well you're putting your funds to use.

 

[Sotherefore]

I think accounting apply at all levels of businesses no matter how small. The little calculations and budget an entrepreneur prepares for it's business is still some form of accounting.

As I understand accounting in a business involves keeping proper record of every transaction activities that is going on in the business, this involved the cost of buying a product and the selling price in which the products will be sold ,the profit and every other transaction details.. most smaller businesses do not really engage in this.

 

[Godspower]

As I understand accounting in a business involves keeping proper record of every transaction activities that is going on in the business, this involved the cost of buying a product and the selling price in which the products will be sold ,the profit and every other transaction details.. most smaller businesses do not really engage in this.

I think they do not really apply all the principles of accounting but they still have a mental picture and analysis of all transactions to know whether it is giving them profit or not.

 

[Thinker009]

Accounting is a very important section in business, I think with accounting you could still be able to determine the financial position of your business ,and know the standing or growth of your business

 

[jay]

Despite the fact that Invoice and money are both imperative to the solid working of a business, they have various implications and achieve various objectives.

There is no way you would expect them to be eliminated in the day to day running of any kind of business because it's what helps the business to track their transactions.

 

[Elfinito]

Accounting would help your track the total input and output of your business which helps you determine the progress of your business

 

[YERUS]

Why Is Accounting Important? Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
Also share your ideas and experiences.

I do not think anyone who lacks accounting knowledge is able to manage funds in business properly.
Accounting helps you keep track on income and expenditures.
It helps you know if you are running a loss or profit.

 

[kinqzbitz]

Accounting actually helps you to keep track of all your sales and records and it makes things easier for you so you will be able to know how much your income and earning is

 

[Sotherefore]

Ok I

I think they do not really apply all the principles of accounting but they still have a mental picture and analysis of all transactions to know whether it is giving them profit or not.ok

Ok I understand, if we are to consider it in this way obviously there Is some level of accounting, most smaller business in my location here engages in this but is not really something to be call accounting since they don't write it down in a record keeping book.