Why Accounting is important in business?

[Good-Person]

I think we just cannot underestimate the power of accounting in any kind of business. I am not even conducting business but I still rely on accounting because I need to calculate my freelancing income and expenses. Accounting is important for all.

 

[Heatman]

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.

When you don't know if your business is actually progressing on the positive or negative side it is going to be very difficult for you to get your hands all under the control of the business which is why an accounting record is very important to your business survival.

 

[Godspower]

Ok I

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.

Okay I understand your perspective. But must all forms of accounting involve book-keeping?? I'm just curious to know since I don't really have much idea on that field.

 

[ganibade]

Accounting is important in business. Without accountant in an establishment,all the wages of the business or establishment will not have record. This will fall down the business.

 

[Adecyptii]

Yes you are right by saying accounting is important in business,it helps us to know the in and out of the business,likewise it make us to know the nature of every business.

 

[Heatman]

Accounting is important in business. Without accountant in an establishment,all the wages of the business or establishment will not have record. This will fall down the business.

If you happen to have criminals as your workers, they are going to be the ones that would liquidate your business by stealing from you because there is no record.

 

[Sotherefore]

Okay I understand your perspective. But must all forms of accounting involve book-keeping?? I'm just curious to know since I don't really have much idea on that field.

Lolz, you will not kill me with questions... I believe your point, it is not all accounting that involves book keeping but it is necessary for reference purpose.. That is how you will know when if you are on profit or lost.

 

[Shigobad20201]

Accounting is important in business. Without accountant in an establishment,all the wages of the business or establishment will not have record. This will fall down the business.

Accounting is very important in all organisation because without accounting, there won't be any record of any transaction of the organisation , both the income expenses and the outgoing one, the sales record and so in.

 

[Syldan]

Accounting, is one of the most important aspects of a business activities. this is because it's helped you the entrepreneur to be able to detect and know the income and expenditure of a business company over a period of time.

 

[Godspower]

It's very funny anyway. I just wanted to clarify few things and I now believe that some form of book keeping is necessary for reference purposes in the future.

Lolz, you will not kill me with questions... I believe your point, it is not all accounting that involves book keeping but it is necessary for reference purpose.. That is how you will know when if you are on profit or lost.

 

[Heatman]

Lolz, you will not kill me with questions... I believe your point, it is not all accounting that involves book keeping but it is necessary for reference purpose.. That is how you will know when if you are on profit or lost.

Haha, I actually started to feel like I was the only one getting bombarded with the questions but it's all good as long as he's learning something in the process.

 

[Sotherefore]

It's very funny anyway. I just wanted to clarify few things and I now believe that some form of book keeping is necessary for reference purposes in the future.

Yes it is absolutely necessary and most local traders may not even pen down their business record, I believe it depends on interest and understanfing, well they have been managing it without any problem. They really understand what they are doing.

 

[Laurentta]

Accounting does pay a vital role in a business. Withoit accounting one cannot run a business, it is with accounting one can be able to tell if a business is running at loss or gaining profit.

 

[Kane]

Accounting helps you to track your income and expenses as well as manage your budget on all topics. For instance, accounting will let you decide how much money you will need to develop a product and how much money you need to market.

 

[Kaffyfolla]

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.

 

[Dora Wi]

Aside from keeping track of the budget, accounting is also important to make sure you file your taxes adequately and stick to all relevant financial regulations. As a freelancer or a business owner, having an accountant is a huge help in my experience.

 

[greenie]

Accounting is very important in a business, because it help one to know the performance of your business, accounting in a business help one to measure out the cost of business, accounting plays vital role in a business.

 

[tyrim88]

Accounting in business and also in our personal life is very important.The progress and how far a man can go is largelly dependent on how well you plan your finances.One have to check his income and the things that goes out.

 

[Setho]

Accounting is very important for every business because actually money is the most important thing in every business. You can be able to tell so many things about a business if you are just going to be observing the flow and outflow of money.

 

[Shigobad20201]

In order to know if your business is progressing or you are not making any sales , you actually need to be accounting for your business in order to know if there's any shortcoming.