Why is accounting important in business

[Heatman]

No matter how good any kind of business looks like, if you are not involving serious business accounts to your business, you definitely fail financially.

 

[jeff87]

Accounting is basically important in business because they are the permanent image that the business man usually speaks out .their are the only ones that can bring you out your desire in business and bring you the list of income .and is not only business they are there for.

You are right and correct. Accounting is very basic yet so very important in business. Without the accounting in business, you will not know if something is missing or not.

 

[Mayox25]

Your business is as good as your book keeping and accounting practices. To have a successful business you must have financial statement to reflect the financial health of your business.

 

[Skysaint]

One thing I learnt from making losses in a business is that it's an opportunity to retrace our steps to see where we did it wrong and hence take corrections in future and this can't really be possible when we don't keep account of our business activities.

 

[Setho]

Accounting in business is equally as important as finances is in a business because it is what is going to ensure that you are keeping track of all the business progress .

 

[Suba]

Because accounting records all financial transactions that are presented in the form of financial statements such as balance sheets, cash flows and income st. so that everyone can read financial ratios, forecasts to make decisions.

 

[Ghost1]

Accounting is very necessary as the matter of fact compulsory if you want your business to progress. How then would you know if you are running at loss or making profit

 

[Setho]

You created your business because you wanted to make money from it and the only way you can check if it is moving forward or backwards is by monitoring the finances in comparison to your projections.

 

[Heatman]

For the fact that accounting is all about the business money and finance which means that once it is compromised, your business is already dead is what makes accounting very important in your business.

 

[Essy]

As a business owner without the prior knowledge of accounting you would always come across situations where you need the expertise of an accountant like balance sheet, cash flow etc

 

[Nsisong]

It lets you keep track of how you started and how far you have gone in your business , it helps you estimate your expenses and earns and profits and loss in the business you are doing. It helps in showing where the business is headed to if it's in the gaining sie or losing side. It serves as a reference to old sales and new sales

 

[Kubiat-Abasi]

Accounting is one of the brain box behind a business. It is important to keep day-to-day records of activities, products sold out and the available products to avoid compromise.

 

[jay]

Accounting is very important in business because without giving account of business it can not function very well,in business you need account to no if you gain or lose,also in business you need to know if you are not losing because losing is not good, business without profit is useless

Accounting is the very essence of any business because it helps you to manage your business expenses and your income in such a way that will not be losing at the end of the year.

 

[Toyoabasi]

Accounting is very important in business because without giving account of business it can not function very well,in business you need account to no if you gain or lose,also in business you need to know if you are not losing because losing is not good, business without profit is useless

Yes, accounting in business is of importance. It determines the success or failure of a business.
Without paying attention to how much is coming in and how much is being spent in a business, it is difficult to know if profits were made at the end of the day.

 

[jay]

When you are running a business that you cannot be able to determine when you are in loss, it's very bad for the existence of the business but with an accounting officer or having a business account will make it easier for you.

 

[Josan]

Accounting in business is key, this is a check on how well or bad you've been with your business. So, it's quit pertinent to always run a check(accounting) from time to time.

 

[Godspower]

Just like you said, accounting in a business will give the business owner and insight on the expenditure accrued so far and the profits earned. This will help the entrepreneur in his future plans and strategies on how to develop the business.

 

[Kaffyfolla]

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

 

[Keibah]

Accounting is a very important factor in business. If you do not keep an account, how do you monitor your business? You wouldn't know if you are succeeding or stuck in the same spot. Everyone in business must keep account no matter how small the business is.

 

[Good-Person]

Accounting is very important in business because helps in knowing either the business is profitable or not. You get to know the loss and profits. Accounting helps to know the accurate expenses and costs of the business. It also provides a vivid financial statement for the business.

I think Accounting also helps to analyze and determine the total cash flow in the business. It would be impossible to run a business if a businessman is unaware of cash flow in a business.