Why is accounting important in business

[Halexcity]

Accounting Is very important in a business because without accounting analysis business will not be in a good shape. Accounting helps to track income and expenditure of the business. With the help of accounting financial breakdown it gives information to help the business financial state

 

[Igbokwe chidera]

Accounting is one of the most important sections in a business organisation because it mainly consists of keeping record of things going on in the business organization

 

[miztersam]

Accounting is very important in a business because it provides an organization's with business statements, allowing them to know if the organization is making or losing money. information gotten is essential in determining if a company is able to maintain profitability.

 

[KvngMurphy]

Generally, accounting prevents the misuse of assets, increases production and profit, controls costs and helps increase the efficiency of the overall management. Accounting is a continuous system that shows the financial position of a business entity by identifying the economic events and recording, analyzing and presenting them.

 

[Igbokwe chidera]

ccounting is one of the most important sections in a business organisation because it mainly consists of keeping record of things going on in the business organization and services that are being rendered

 

[Sunnytee]

Accounting is very important and necessary in business in the sense that without account
1.profit in business will not be noted
2.losses in business will not be noted
3.proper account of business will not be taking
4 the business will sudingly break down

 

[Ykddgreat]

Accounting in business is a key to a successful business . Any business that fail to account for all incoming and outgoing money will die a natural death in business because by the time the capital using for the business would have gone it will not know.

 

[Odebunmi ajewamiri]

Accounting is how your business records, organizes, and understands its financial information.

You can think of accounting as a big machine that you put raw financial information into—records of all your business transactions, taxes, projections, etc.—that then spits out an easy to understand story about the financial state of your business.

Accounting tells you whether or not you’re making a profit, what your cash flow is, what the current value of your company’s assets and liabilities is, and which parts of your business are actually making money

 

[Felixko]

the reason why accounting is important in business is that, without accounting you cannot know how much you business is earning. you can easily forget how much money you use in the business or how much money you paid out. at same time, it help you to remember how your current profit or loss compare to the previous one.

 

[Kelvin7656]

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.

 

[Onachukwu]

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.

 

[Makorlly]

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.

 

[LaylaG]

If there is no accounting in a business it will be very difficult for a business organisation to give record of sells because the record they will be keeping will help them to understand when their demands are too much so as to increase production or when the Demands is less so that they can reduce production and so on.

 

[Chris Jo]

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 about the systematic recording of an organizations financial records. It helps organizations keep up to date records of their financial spending, track profits made as well as losses. It is easier to pinpoint loopholes and detect diversion and missappropriation of company's fund. Accounting is very crucial in any organization.

 

[Good-Person]

Obviously accounting is important when it comes to conducting business. Without having a proper accounting system in your business, how will you know how much money you spent, how much money you withdrew, what are your expenses, etc? Accounting means properly managing your finances in your business and accounting is indeed really important aspect of conducting business.

 

[kayode10]

Accounting is important in business as it will help you to see the cash flow and how many runs in the business. It helps to detect if there is any mismanagement of fund right from the early stage of the business. it makes it easy to determine under the business is making profit or loss on time.

 

[Blue house]

Accounting is very important for business man/woman so as to make the business or company grow further.
If you want a good accountability from your employees then you will need a high level of accounting so to achieve your aim of good accountability.

 

[Eodine]

For every business, you have money coming in which is income and money going out which is expenses or outflow. Accounting helps to create a balance so business owners can be aware of their transactions and know if they are in profit or loss.

 

[Senator]

Accounting is very important in any type of business because it is the best tool.that will tell about the financial health of your business

 

[Abigael]

Accounting is truly very important in business. It ensures that you keep track of the money and products or services sold in the business. Poor book keeping in business only leads to losses and you won't even realize that you are loosing until when the business has really failed. So it is best to keep an account so that when a slight problem is found, solutions can be made quickily.