Why Accounting is important in business?

[ghxstvecna]

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors.

 

[Good-Person]

Without accounting , you may not likely be able to keep proper record of every sells and transaction that is going on in a business and it is also with the help of an accounting that help you to understand the situation of your business whether you are on profit or loss.

Accounting is important for various different reasons. Accounting helps you to understand how much revenues you have generated in a business and how much money you need to spend when it comes to expenses.

 

[tyrim88]

The issue of accounting in any business sterblishment is very vital and important,because one of the things that can make a business to fail and crumble is not having a good customer aqusition strategy and then not having a good financial record.

 

[joy101]

Accounting is important in 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.

Yes, accounting is very important in all business because it will help you to know if the business is growing or not, that is why any business owner need to have note book so that you can record everything.

 

[frederick_9]

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.

 

[Good-Person]

The issue of accounting in any business sterblishment is very vital and important,because one of the things that can make a business to fail and crumble is not having a good customer aqusition strategy and then not having a good financial record.

Yes, businesses could crumble if accounting is not done in a proper manner as accounting helps you to understand the cash flow and incoming of cash from different source.

 

[Shigobad20201]

Without accounting , you won't be able to know the actual expenditures and you won be able to know how to solve the problem of the business if theres one because you won't know where the problem is coming .

 

[Sincerem]

It is very important most especially for standard business organisation. You can't just run any business organisation perfectly if you can't keep proper record of every transaction in the business.

 

[Agbalagbaa]

In other to manage your business you need to have experience on how to to manage money,if you don't know how to manage your income you'll definitely be losing money.

 

[Mighty]

Well I don't know much about this but I do know that 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.

 

[Good-Person]

It is very important most especially for standard business organisation. You can't just run any business organisation perfectly if you can't keep proper record of every transaction in the business.

I think that accounting is very important for any business because accounting helps a business to monitor its financial flow in the right way. It helps businesses to manage the money.

 

[Sincerem]

I think that accounting is very important for any business because accounting helps a business to monitor its financial flow in the right way. It helps businesses to manage the money.

That is exactly the main purpose for which accounting in business was created. I wouldn't just want to run a business that deals with selling of goods and services blindly without knowing when I am on profit or loss.

 

[nana kwasi1]

The systematic collection, examination, interpretation, and presentation of financial data constitute business accounting. Accounting enables business owners to fulfill their regulatory requirements. Additionally, it aids them in making wise financial decisions.

 

[Skysaint]

I think this is really important because it's more like a statement on how well you've been managing the company or your business so far. You should go back to it in case of enquires.

 

[Shigobad20201]

In order to be able to know the amount you used in starting the business , how much you are worth currently , to know if you are making sales or not , thats some of the essence of accounting in business . And its also used to detect any form of embezzlement

I think this is really important because it's more like a statement on how well you've been managing the company or your business so far. You should go back to it in case of enquires.

 

[Setho]

Accounting is very important in business because basically everything revolves around finance. The good thing about it is that once you understand finance you can be able to understand how healthy the business has been operating.

 

[Sincerem]

We will be able to keep proper accounting when everything has been put in place such as establishing an accounting department. . Accounting is very important because it gives us the assurance and idea of where our business is moving too.

 

[Skysaint]

In order to be able to know the amount you used in starting the business , how much you are worth currently , to know if you are making sales or not , thats some of the essence of accounting in business . And its also used to detect any form of embezzlement

That's very correct. Accounting is needed for every stage in running a business as it's an official statement of how your business is doing. When you're facing challenges in business, it's always the first place to look.

 

[Sotherefore]

Personally I consider accounting in business as a business itself because without it there is no how you can be able to carry out a smooth running of the business. There are so many things in business accounting that only business owners will be able to understand.

 

[Alisco]

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.

That's just it,you in brief described the importance of accounting in a business setting.further More, accountability is not only important in bussines but in all aspects of living whereas it's help you track the records of acted processes .