Why is accounting important in business

[Seun4luv]

Business accounting is the systematic recording, analysing, interpreting and presenting of financial information. Accounting helps business owners meet their compliance obligations. It also helps them make smart decisions with their money.

 

[Rashid]

Yes of course accounts are part abd parcel of any business. So the accounting is very important for any business progress.
Whenever we talk about business then we will surely think about accounts and accounting. Without accounting you can not manage your business in well manners.

 

[Nabeel119]

The term accounting is very common, especially during tax season.

But before we dive into the importance of accounting in business, let’s cover the basics – what is accounting?

Accounting refers to the systematic and detailed recording of financial transactions of a business. There are many types, from accounting for small businesses, government, forensic, and management accounting, to accounting for corporations.
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.

 

[Edward2]

In operating a business, accounting plays a critical role because it helps you monitor sales and expenses, ensure statutory enforcement, and provide quantitative financial information to investors, management, and government that can be used in business decision-making.

 

[Yousaf3814]

Your financial records reflect the results of operations as well as the financial position of your small business or corporation. In other words, they help you understand what’s going on with your business financially. Not only will clean and up to date records help you keep track of expenses, gross margin, and possible debt, but it will help you compare your current data with the previous accounting records and allocate your budget appropriately.

 

[abubakar3141]

Why Does Accounting Matter? In operating a business, accounting plays a critical role because it helps you monitor sales and expenses, ensure statutory enforcement, and provide quantitative financial information to investors, management, and government that can be used in business decision-making.

 

[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 .

 

[Ridorz]

Without any exaggerating, accounting is very important and relevant in a business practicing. Accounting is a process recoding of income and outcome of money, it's recording of debit and credit in which to let the business practitioner know the evaluation of business capable, either it's been failed or progress.

 

[Klismannm12]

accounting is not only important in business is not only important in the world of business but and their overall running of Life 10 be accountable to improve himself and city people who brought him into this life or maybe see the people he is dealing with a second hand bullet it opens room to maximum growth you may not be able to function well in business and business growth may not come at a worst ones if you are not able to keep accounts of your expenses are the things you do the things that comes in and goes out of your Enterprise

 

[Nathaniel]

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.

 

[Eyiteepraise]

Accounting is very important because all organisation needs and have to keep records of their account in the accounting and trading period .This is the reason why all business have an accounting department.

 

[Kinglegend01]

Accounting is very important to business because when you take and record any transactions that is been made in your business you would be able to know when you are making a profit or a loss in that particular business. Accounting in a business is also important in the case that it can be used for future reference.

 

[Heatman]

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

Business is all about money making and when money comes in and go out, there is need to balance the account in order to make sure that money isn't stolen or known the financial situation of the business. So, accounting is very crucial to the survival of any business.

 

[Kamon c4]

Acoubtukg is the act keeping records of financial activities in a business. This helps provide accountability for each cash movement in a business. Accounting shows the level of financial management. Also this helps you know the finacial
Position of your business. However this is very important to the development of any business.

 

[Sana Diyar]

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 useles

accounting is important in business because it is an often overlooked career, and yet it is a skill that’s used regularly in daily life. While it’s true that accounting is most typically viewed as an essential part of the business world, you’re most likely performing some type of accounting task in the “real world” as well. Here are just a few ways you may be using accounting and don’t even know it.

 

[Nurudeen]

Accounting is very important in business because it always or gives Business owner the opportunity to record sales and let them know the inflow and outflow of the money coming and going out of their company. Again it will be able to give companies the opportunity to audit their account in term of accountability

 

[Presido]

Accounting means the record of business transaction in a well keep book that will have every records in it.Accounting in business enables the business to record all it's activities in a well arranged book inorder to reduce loss and fraud.

 

[Kehinde]

is the systematic recording, analysing, interpreting and presenting of financial information. Accounting helps business owners meet their compliance obligations. It also helps them make smart decisions with their money.

 

[Ryeetar]

Importance of accounting can never be over emphasized, accounting is needed not only in business even in school people spend 4 or more years in school just to study this course. In business accounting officers are in charge of all the money that comes in and out of the organization, they are in charge of analyzing and evaluating the company's expenditure, they approve pay check to workers

 

[eojo2401]

Since accounting is the chronological recordings of the transaction in a monetary term to determine the true financial position of an entity. It's very important for all business owner to take book keeping and accounting serious so as to really know weither the enterprise is make profit or loss.