Why is accounting important in business

[tyrim88]

I guess it is actually because it has a lot to do with money and it provides ways in which people can actually save am d invest their money if they so wish to do that

When it comes to the issue of finance,ant business that really want ot susceed will take the issue of documentaion of income and expenses very serious,because if the books are not balanced,the business will run into problem.

 

[Bethel Victor]

We can not over-emphasize the importance of accounting, because it plays a massive role in the operation of a business. It's very important to know if you're in profit or loss, and how to lower expenses to make more profit. It happens that accounting make all these possible, and more.

 

[Setho]

The business is essentially all about money and a business is going to crumble if books are not been balanced that is why the knowledge of accounting is very important to its success.

 

[Shigobad20201]

For the accountability to be perfect in an organisation, we need to make sure of making the proper account of the sales and the money spent in business to know if we are making sales or loosing .

 

[Robust]

Accounting is very important and sensitive in businesses nowadays because it helps one be focus and straight forward in his or her businesses without losses but increment.

 

[Grant]

Well you need to account for your money, where it goes, what it's used for, how much of it you have and how much you should budget. It's a very important aspect of your business. Without it, you're not going to go very far in your business.

 

[Danny4cash]

The major aim of starting a business is to gain profit. Without accounting, it will be hard to determine the profit we generated in the money. Small business may no need much of accounting, but big company cant joke with accounting.

 

[Shigobad20201]

Accounting is very important and sensitive in businesses nowadays because it helps one be focus and straight forward in his or her businesses without losses but increment.

To know the profitability and have an accountability of your business , in order to know If you are making gain or actually running at a loss , and you need accounting for future purpose.

 

[Billy]

Accounting helps you determine if your company is profitable. Your company doesn't need to be profitable to be successful, but it's definitely helpful if you want to keep going. And that's why accounting is important in business: it helps you determine whether or not your company is making money and if it has the potential to continue doing so. If your company isn't profitable, then it's probably time for a change of strategy, or maybe even a whole new direction altogether.

 

[greenie]

There are alot of important roles Accounting plays in a business setting assisting all forms of economic activity in the various sectors. Accounting is a language of business which is helpful in business decisions. Without accounting, Business owners or managers would not know which products were successful, and which decisions were the right ones. With the help of an accounting, they would get an idea of how much to pay in taxes, capital required for further projects, whether to lease or buy an asset, and so on. Accounting also helps investors to understand how efficiently their capital or economic resources are being used.

 

[Robust]

To know the profitability and have ab accountability of your business , in order to know If you are making gain or actually running at a loss , and you need accounting for future purpose.

Sure.. and also accountability help the company to know there follower workers with there either skills, position and behaviour because the record will be taken.

 

[Shigobad20201]

Accounting helps you determine if your company is profitable. Your company doesn't need to be profitable to be successful, but it's definitely helpful if you want to keep going. And that's why accounting is important in business: it helps you determine whether or not your company is making money and if it has the potential to continue doing so. If your company isn't profitable, then it's probably time for a change of strategy, or maybe even a whole new direction altogether.

In a short sentence , accounting gives you an insight of the daily transaction in your company , it lets you known the amount of money coming into the company purse and the ones going out , and to know If you are making profit or not

 

[Treborika]

For me accounting in business is such a vital thing that entrepreneurs need to prioritize so much. It's through accounting that you can know the business net worthy. You can too the status of the business through accounting.

 

[tyrim88]

In business especially a new outfit,one of the things that can make a business to fail in addition to not estrblishing a good customer aquisition strategy,is the issue of not knowing how to manage your finances very well.

 

[Shigobad20201]

First without accounting , you can never know the total worth of the business you started and you won't know when the business is progressing and if the business needs help .

 

[Immilash1]

You need accounting it doesn't really matter if the business is new or old you need accounting, accounting also helps in measuring the level of success in the business.