Why is accounting important in business

[Kelly5]

I beleieve I there's no account in business world, many business would have been crumbled , if there's acvount in business , the owner will know if he's making profit or loss, and he will know the amount of money coming into the company and Going out.

When a business owner carries out a proper accounting and auditing of his entire business enterprise, hebstands the chance to see all the loopholes in his businesses that needs to be blocked and thereby helping him make more money in the process

 

[Heatman]

Accounting is very important in business, it helps you know your financial progress report. So if you are not skilled in that aspect, it's good you consult an accountant.

Seriously, it's very important that you have a good accounting record for your business because it's what would help you to keep the business from losing it's direction.

 

[Bousine123]

Overall, you will be running a whole lot of loses if you cannot account for you profits or losses in a business, that's why accounting is really Essential.

 

[Bookwormlux]

Accounting makes it easy for business owners to evaluate their income and profits and determine how much should be reinvested.

 

[Josemendez]

Accounting helps the business to understand how profitable the business has been and it also shows when the business is having challenges and where the challenge is from

 

[Grandeur]

Majority of new business starters over look the essence of a financial expert in a business not knowing that they are indirectly mismanaging funds, accountants understand money better.

 

[kayode10]

Accounting is very important in order to determine if you are running the business at profit or loss. It also help to determine the cash flow of the business. Accounting is very important if you want to win investors for your business.

 

[Sotherefore]

Majority of new business starters over look the essence of a financial expert in a business not knowing that they are indirectly mismanaging funds, accountants understand money better.

Yes most of them will overlook it because they do not really understand the advantage of it, it is one of the best way to know the progress of your business because it can reveal your loss or gain.

 

[Setfragil]

Accounting is very important in business in order to help you keep tab of your business finances. For you to know how your business is doing financially, you will need the services of an accountant.

 

[jeff87]

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

That is right. Without proper accounting the business will not be determined whether you're gaining or losing. A losing business needs to change into a profitable business or else close down.

 

[Grandeur]

Yes most of them will overlook it because they do not really understand the advantage of it, it is one of the best way to know the progress of your business because it can reveal your loss or gain.

I'm telling you, there are numerous advantages that financial experts can offer apart from knowledge of profits or loss e.g excessive overhead cost, unnecessary expenses.

 

[Nomad]

If you don't do accounting how do you suppose to keep track of your finances. Accounting is not a way to calculate profits and loss or income and expenses, it also tracks your all incoming and outgoing financial transactions

 

[Senator]

Without a proper accounting for your business, you will find it difficult to estimate your income and expenditures for your business as well as measuring the true health of your business

 

[Ralphjoe]

Accounting is basically important in business because they are the permanent image that the business man usually speaks out .their are the only ones that can bring you out your desire in business and bring you the list of income .and is not only business they are there for.

As far as I am concerned the financial aspect of any business is the lifeblood of the business because all businesses need money to start up and it needs money to sustain its operations and actually make profit so if a business does not have accountability then that business is on its way to failure.

 

[Sotherefore]

I'm telling you, there are numerous advantages that financial experts can offer apart from knowledge of profits or loss e.g excessive overhead cost, unnecessary expenses.

Yea, all those things that you have just mention are accounting terms, that even me I do not understand because I don't really have interest in accounting, they can actually help your business.

 

[Richard92]

Among other benefits that accounting offers in a business, it immensely helps in measuring the financial health of every business endeavour. It helps in making sure the finacial books of the business are well and properly balanced.

Accounting is very important in every business because it helps you to keep financial record and also helps you and enable you to get information about daily, yearly financial transaction.

 

[Grandeur]

Yea, all those things that you have just mention are accounting terms, that even me I do not understand because I don't really have interest in accounting, they can actually help your business.

Lol, these are little accounting concept for everyday life for a business but I understand that it can be voluminous and confusing, that why you need financial expert

 

[Sotherefore]

Lol, these are little accounting concept for everyday life for a business but I understand that it can be voluminous and confusing, that why you need financial expert

Well sometimes if I see the need for me to learn an accounting skill then I'll go ahead and do it but for now I don't see the need for it in my life yet maybe when I am about to start up a business.

 

[skyliequiz]

Accounting is essential to running a business because it allows you to track income and expenses, guarantee statutory compliance, and give quantifiable financial information to investors, management, and the government.

 

[jeff87]

Business needs basic accounting to record and keep track of funds coming in and going out of the business.
Accounting in business helps in documenting financial activities like income and expenditures, payroll and operation reports.

That is right. Businesses needs this kind of proper accounting. Without it business is not measured whether the business is a failure or successful. I highly recommend proper business accounting of everything whether expenses or capital.