Why is accounting important in business

[Milz]

How do you intend to know when you are profiting from your business if you don't take account of every income and expenditure going on in your business. Without taking account, your business is bound to fail.

 

[Onachukwu]

Accounting is necessary in business and its importance cannot be over emphasized. Without proper accounting in business it will be difficult to know whether one is making profit or loss

 

[Bkoks]

Accounting performs a important position in strolling a enterprise as it allows you song earnings and expenditures, make sure statutory compliance, and offer investors, management, and authorities with quantitative monetary facts which may be utilized in making commercial enterprise decisions.It is important you maintain your economic facts smooth and updated in case you need to hold your commercial business afloat.

 

[Hamza1999]

Accounts receivable.
Accounts payable.
Payroll.
Financial controls.
Financial reporting.
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.

 

[Samuel77]

According to my own point of view, accounting is important in business because is all about profit making and you can't know your lose and profit with out accounting. You need accounting in business so you can know your income and expenditure

 

[Ebuka Stephen]

True accounting is very vital in the growth of a business as this will help keep records on how the business is moving, to know if their are any losses or you making profits, so as change your approach towards the business. Accounting is very important because it helps know the sales and expenses of the business too.

 

[WhiteHouse]

Accounting is the means by which your business records, arranges, and comprehends its monetary data.

You can consider Accounting a major machine that you put crude monetary data into—records of all your deals, charges, projections, and so forth—that at that point lets out a straightforward tale about the monetary condition of your business.

 

[Heatman]

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

If you have no idea what is going on with your business, there is no way you can be able to manage the business adequately and it will all make the business to crumble. But when there is an account for your business, it will let you know when the business is growing and when it's falling in order for you to strategize on how to move forward.

 

[Bangiszz]

Bookkeeping assumes a crucial part in maintaining a business since it encourages you track pay and consumptions, guarantee legal consistence, and give financial backers, the executives, and government with quantitative monetary data which can be utilized in settling on business choices.

 

[EMMANUEL]

Accounting is important in business because for every organization there most be a sole aim, which is to make profit, so accountant gives a professional report of your business analysis, by interpretation, calculate, measure, analysis and evaluation of the business information in general.

 

[solomonmali]

Accounting help to determine the financial outflow and inflow of the business, and it’s also predict the strength of the business, accounting is one of the important concept in business, it analysis the income and expenditure of the business it important can not be over emphasis

 

[tublack]

truth is any business without proper accounting will crash soon. accounting helps with planning finances, without proper calculations and estimation, money will get unaccounted for you will suddenly see the business going down

 

[Oloritoks]

Account is important in business because you will be able to keep a proper financial records of what you spent and profit you made, this will inturn help you in planning budget properly and wisely to avoid running into problems

 

[Hdre3m3n]

Accounting for business means the recording of business transaction in a book of recording called book keeping.
Accounting in business make it possible for the business to record it's transaction.

 

[Oyeleye42]

Accounting helps business owners meet their compliance obligations. It also helps us to make smart decisions with their money.

 

[tuna89]

The accounting department plays a major role in any business, as an aspect of administration, it serves as the bedrock of the organization, if it is faulty, the business would definitely get faulty and loses would occur, the accounts department records the outflow and inflow of money in relation to the organization, they also get involved in auditing as well to ensure transparency and understand the extent of gains that have been made.

 

[Adesuwa]

Accounting in business is important due to the fact without accounting you can't know if the business is healthy or not and you will be able to know the asset of the company and the liabilities of the company.
Either the company is in debt or not.

 

[GIFTMICHAEL]

Every business requires account, everything we do in life demand account to balance what needs to be balanced.
From time to time every business undergoes audit report this is very important to know how the business is doing over the years whether it is increasing or decreasing.

 

[tyrim88]

The important of accounting cannot be overemphasied in any business.Because for any business to thrive and grow to an appriciable level accounting is very important.financial accounting helps a business to know the profits that has come into the business compared to what has been invested on the business.Stock accounting also helps the business to assertain what commodity that in store and what need to be restock,it also helps to observe the stock that are in high demand and what stock to reduce.

 

[Ojonuyo]

Accounting is very crucial to every business growth and success. Hence, you need an account manager who will be in charge of all the money that comes in and out of your company. If you do not trust anyone, you can be the account officer of your business.