Why Accounting is important in business?

[Presido]

Accounting plays crucial role in the setup of any organisation that needs record of their day to day activities.
This is the reason why all organisation usually have an accounting department which will record the purchase and sales of the organisation.

 

[Alexandoy]

I don't think you can go into business without an accounting system. It is not good to play by ear the finances of the business. My accounting system is the simple log book where all the transactions are written. On one side are the incoming money and on the other side are the transactions for outgoing money. Also logged are the attendance of the worker. The logs are chronological so the time element is important. With the accounting, the cash on hand is easily computed by the simple formula of incoming money minus outgoing money plus cash on hand.

 

[Josephjossy]

Accounting is very important in a business. It will help you know how your business is going, whether it is going up or down , and it will help you know your gain and lost. It is something you have to be doing day to day. Even if the business is big or small

 

[Joseph555]

Accounting is very very necessary in business without that you may be running a lose without your knowledge, that is why in business accounting is indispensable,
Any business with no goal record is bound to fail therefore every new business must have a good accounting manager

 

[abubakar3141]

Accounting plays a critical role in running a company because it allows you to monitor sales and expenses, ensure statutory enforcement, and provide quantitative financial information to investors, management, and government that can be used to make business decisions

 

[singlej007]

The role of accounting in any business is important, it will eneble you to know the financial stand of the business, it will show you if you are in profit in your business or not. All invoices collected together and put into accounting. Accounting in business is quite good.

 

[Asad Ali]

If you do now no longer do a remember of their busine how will you realize if you are walking at loss or you're strolling at profit ?it's miles with the usage of accounting that you'll understand in case your enterprise is really well worth persevering with or it isn't always due to the fact with that you'll realize the extent of your commercial enterprise and it's far progressing or now no longer

 

[Khezo]

Yes accounting is very impressed in business because withoutbthat branch of the business working very well it's like wasting your time or just working for nothing. So it's quite important to make the accounts department well documented

 

[Oluwasayofunmi]

Concerning the question why is accounting important in a business, accounting is important in a business because accounting helps a business owner to know how far and how well his business is moving

 

[Samuel77]

According to my own point of view, accounting is important in business because business is all about profit making and buy and selling. After that, you need to know your profile and your kids or your expenses. At this point your need accounting. You can't do business with out accounting

 

[Ojonuyo]

Accounting,is very important in every business, from your account report you would be able to decide the profit of your business and how to make budget that are within your means and capacity. It is from account records you can tell which business idea is profitable.

 

[Dowenship]

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.

It also helps you to improve in your accountability. If its an organization, it helps to determine the output and outcome of workers in the company

Don't give up on your quest, keep fighting till you succeed! You will get there!!!

 

[Johnbami]

Accounting is very essential in a business. How would the financial aspect of any organisation be managed without accounting department, it's just not possible. So accounts is very essential

 

[chicnthin]

Accounts helps a business track all of the transactions that has been made. It let you knows how much have you spent for a business and how much you still have and earned. It pretty much tells you what decisions to make.

 

[mayreeh38]

Accounting for profit and loss, goods and other things will help you know where you need to improve and where you need to slow down a bit. It is like checks and balances. With daily and monthly accounts made, you will be able to make better decisions.

 

[Mostee501]

Without accounting in a business, i don't think the business is heading in the right direction. Accounting is an important part of any business, taking records of what goes in and out. It is through accounting that you'll know your business progress.

 

[Psalmsavatar]

Accounting is important for business owners as it helps the owners, managers, investors and other stakeholders in the business evaluate the financial performance of the business. Accounting provides vital information regarding cost and earnings, profit and loss, liabilities and assets for decision making, planning and controlling processes within a business.

 

[SAFEMOON]

Accounting is extremely important for recording the financial transactions in a business. Without accounting, you cannot display the financial health of your business to your stakeholders. Accounting is pivotal for various aspects and plays a crucial role in preparing the compiled financial statements.

 

[Abu4exel]

Accounting and business goes hand in hand. Accounting is very important in every business. How can someone be doing business without keeping record or without showing account for all the business transactions he or she has been doing? It will be very bad not to keep accounts of the daily business one does. Book keeping, trial balance, revenue and expenditures are all part of business and these are accounting. And no business will escape all these.

 

[Blessingedidiong]

Accounting in business is very important in business. It helps to track the income and expenditure of the business. It also helps to know the profit and losses incurred by the business. And most importantly,the growth of the business is known through accounting.