Why Accounting is important in business?

[Samzii]

In business, accounting is important because, it helps to keep records if sales and purchases

 

[Odebunmi ajewamiri]

Accounting in business plays a very important role in business because it is an aspects where professional helps to keep records and tracks on you reveun ,expenditure and other cash flows and your assets. To know if the business is making profit or losses.

 

[Ayokex]

It is based on the importance of the accounting that makes many organization create a separate accounting department. This is a very important aspect of every business organization. Accounting sees to the financial management of the company.

 

[unhappy triad]

Accounting and book keeping plays a major role in daily business activities. Any firm who wishes to do well must recognise this and utilise it to the fullest. You want to make sure everything is accounted for. This allows for transparency and increase productivity

 

[Mastercoded]

accounting is very important to business because of the following reason
to monitor the growth of the business
to check the inflow and outflow of cash in the business
to keep record of creditors and debtors
to give the business owner an insight of the state of the business
it save the owner from fraudulent employee who want to steal money from the business

 

[Favyosy]

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. It helps you know if you are moving forward or not

 

[kayode10]

Accounting is a vital aspect when it comes to building a business. It helps to determine the health of a business through the cashflow. Accounting helps to prepare the budget of a company for the following year. Accounting apps easy reading of the balance sheet by the government for external auditing. the accounting aspect of a business will determine how fast you will secure a loan from the financial institution.

 

[Nemezy]

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.

Accounting in business is very important, you can only know your profit and loss when you do proper inventory of sold products. Must people do not document what they buy and sell .

 

[Muhammad hussain]

I think an accounting war is necessary to handle any kind of business, without which no one can succeed.The first step in accounting is to find out what you are buying.After that you have started the business. All you have is a tablet and all that is going is a credit.

 

[Segat]

Accounting is so much important in business at any level because its one of the best way to monitor how the business is growing financially. Also it helps in easy allocation of finance to all areas of the business including payment of salary which is also the fuel that keeps the employee motivated.

 

[Adeyoola7]

You're planning ahead financially, and the ultimate goal is a healthy financial future. Accountants also are consistently working to maintain and expand the financial health of businesses. ... Investments, savings goals, analyzing, debt control and profitability are just a few key concepts in financial planning

 

[Lawal]

Accounting is important in business I will all the company to know the lose and the gain after everyday and it will also help the company to know weather the company is moving forward or not moreover it also helps the company to know weather the company manager and the other stuff are doing well in business

 

[Luckboy]

Why is accounting important, you ask? Without accounting, you wouldn’t know how much money your business has earned. You could easily forget how much money you paid out. And, you wouldn’t remember how your current profit or loss compared to the previous quarters’.

Which customers haven’t paid you? Wait, what debts haven’t you paid yet? If you use accrual accounting, you (should) know exactly how much your accounts receivable and payable are.

 

[Onachukwu]

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.

 

[jay]

A good business man always houses his accounts right from the initiation of the business. This is due to the fact that if you want to know where and when things started going wrong, you can be able to with less stress.

 

[Makorlly]

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.

 

[FreshKaz11]

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 the most important position in a business, because without a proper account in a business,so many lost would be hiding without the business owner not knowing what's really going on with his or her business. So accounting take a special role. That's why most companies employee employ most experience accountant to do thee accounting of their business for them.

 

[Kingsley]

Accounting is the keeping of records, summarizing, analysing, computing them and making them available when they are needed by accounting users, like the government, individuals, companies and the likes. So when we take a critical look at it, we will realised that it is of paramount relevance to keep accounting records.

 

[Planet408]

A professional will always be a professional. His job can't be replaced by unprofessional. An unprofessional accountant can assume that same job but will always remain incompetent in it especially when complicated part of accounting seems to arise. For proper and detailed record financial record keeping, an accountant is needed.

 

[Sariana23]

Accounting is of utmost importance in companies as it is a source of information and provides great advantages. For example: It helps to know what is the production cost of a given service or product, allowing to find out the price for which it should be sold. When keeping accounts, accounting documentation must be compiled, both that which refers to income, expenses and other operations, as well as that which reflects receipts and payments.