Why is accounting important in business

[Sariana23]

Accounting itself is an important part of the financial management of the company, there is control of expenses and income that keep the finances of the business standing. When the control is correctly accounted for, it is possible to be clear about unnecessary expenses and the reality of the assets.

 

[Josephjossy]

Accounting is so important in business, it helps you know whether your business is growing or not, and it helps you know your gain and lost, it help in build a business. You need to take record of the gain and loses

 

[MercySmith]

Every good business requires an accounting section to monitor the cash flows. The cash in flow and the cash outflow. It is the job of the accountant to keep check of all this and to pay the staff if staffs are involve in the business. Unless your business is for charity and not for profit, you need accounting.

 

[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.

 

[idhans]

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

As a business person you should be able to keep track record of your personal finances and also your business account whether you are an accountant or not. It is very important for any business person to have a good knowledge of accounting.

 

[Olahab]

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.

 

[Adexgrace]

Accounting helps to keep track of business activities and also sales. With the buyingand seling of goods. Accounting in business is very important because it explains the business activities and spelt out how the business is managed.

 

[sam386150]

Business needs a serious accounting records, it helps measuring a financial health of the business if it is green or it is falling, accounting is very important in business because it will help you know if the business is growing. Accounting is the life of the business.

 

[Diamond07]

Accounting is important for small 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.

 

[Zamaney]

Accounting keeps you organized
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’.

 

[Godleads1]

Without the help and presence of accounting through the accountant, a lot of business downfall willl not be avoided. Accounting helps the business to identify income, expenditure, profit, gain, losses, assets and liabilities. One would not be able to tell of the future ability of the business.

 

[Usman Sattar]

Accounting is important for business as a way to document financial activity and learn from the numbers. Your business needs basic accounting to report income on tax forms and keep track of funds flowing in and out of your bank accounts. But accounting information also provides valuable insight into operations, showing trends and opportunities that can help make your company more profitable. Tax reporting agencies require you to keep books at a minimum level that tracks income and expenditure. But if you have the drive and interest, you can take your accounting processes to an entirely different level, and use them to create a smarter and more financially viable business.

 

[Denuola]

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.

There are three key financial statements generated by your records.

• The income statement provides you with information about the profit and loss
• The balance sheet gives you a clear picture on the financial position of your business on a particular date.
• The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time.

 

[Dubai]

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

A

Accounting itself is an important part of the financial management of the company, there is control of expenses and income that keep the finances of the business standing. When the control is correctly accounted for, it is possible to be clear about unnecessary expenses and the reality of the assets.

Accounting is highly important in any business as it leads to accurate budget and business plans. Without it, there would be no balance sheet. It helps prevent wastage of resources and ensures your running cost are well managed. In all, effective accounting play a huge role for any business to growth.

 

[Blessedsam60]

Not just accounting alone but records, bookkeeping and modern accounting are necessary tools to ensure smooth running of an organization or business. This will in turn foster the proper documentation of ever transaction being made and other things as well.

 

[Ogbest]

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

My dear any business without proper or adequate accounting cannot really survive. You can't really no what is happening in your business, you won't no if you are gaining or losing.. Every business person who truly knows what he or she is doing can't operate without accounting.

 

[Abbas007]

Accounting plays an important role in running a business because it helps you track revenue and expenses, ensure compliance, and provide quantitative financial information to investors, management, and the government that make business decisions. Can be used and above all increases your ability to work.

 

[Kiko]

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. Accounting is often referred to as “Language of Business”. It is a means of communicating financial information to different users for decision making.

 

[Sariana23]

A

Accounting is highly important in any business as it leads to accurate budget and business plans. Without it, there would be no balance sheet. It helps prevent wastage of resources and ensures your running cost are well managed. In all, effective accounting play a huge role for any business to growth.

Right Words @Dubai, I loved this phrase "Helps avoid wasting resources and ensures your operational costs are well managed" Accounting is the backbone of any business, allowing us to stay on top of finances and control expenses; otherwise, the business is more likely to go bankrupt. So if you don't have accounting skills, you should get a good manager.

 

[Caali]

Success in business needs a very structured approach. Accounting gives you a clear picure of your finances. It tells you in detail where you are investing correctly and what are your trouble points. It is specific and guides you for future investments.