Why is accounting important in 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 to a business for the main purpose of keeping financial record and also knowing how much was spent and how much you company is getting back as profit.

 

[Grandeur]

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.

It is not compulsory, you can decide not to have a degree if you choose because you can always employ the service of a financial expert as an option

 

[Ralphjoe]

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.

The importance of accounting in any business cannot be overemphasized as accounting in a business actually gives a picture of how healthy the businesses and if the business is actually making progress or not.

 

[HayKay]

Accounting is a priority because you need to know the cash flow of your business and plan for every financial year properly. Even if doesn't capture a lot of details, you need to know how well your business is doing - whether you're going forward or backwards

 

[Sotherefore]

It is not compulsory, you can decide not to have a degree if you choose because you can always employ the service of a financial expert as an option

Yes but we are advised to know at least 50% of what we are employing other people to do ,because if we are completely illiterate of that ,they can use it against us negatively.

 

[Yusuf]

Accounting is very important in business just because of the fact that it's going to help you know the inflow and outflow of how money comes into 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 business because it helps you to sum up your financial records and also help you to keep good records of financial transaction in your organisation.

 

[Grandeur]

Yes but we are advised to know at least 50% of what we are employing other people to do ,because if we are completely illiterate of that ,they can use it against us negatively.

That's an excellent advise eight there which I concur with but we can't be hack of all trades and know 50% of everything in an organization which means we'll just have to trust.

 

[Good-Person]

Accounting is important in business because it helps us to make sure how much profits we have hained and how much credit we owe people. Accounting also helps us to keep a great record of our transactions.

 

[Sotherefore]

That's an excellent advise eight there which I concur with but we can't be hack of all trades and know 50% of everything in an organization which means we'll just have to trust.

Lolz , Trust ? it is not the best for you to trust people nowadays to a point of handling every responsibilities of a business organisation to the person without monitoring what is going on.

 

[jeff87]

There are alot of important roles Accounting plays in a business setting assisting all forms of economic activity in the various sectors. Accounting is a language of business which is helpful in business decisions. Without accounting, Business owners or managers would not know which products were successful, and which decisions were the right ones. With the help of an accounting, they would get an idea of how much to pay in taxes, capital required for further projects, whether to lease or buy an asset, and so on. Accounting also helps investors to understand how efficiently their capital or economic resources are being used.

You are very correct. Accounting is badly needed in business. Businesses will have the guidance on what steps to take.

If through accounting it is found out that there is low sales then they will report it to the manager or owner and they will make adjustments.

 

[Abigael]

Accounting in business as the name suggests enables the business owner or employee to be accountable for the business resources. It gives a great plan and direction on how the resources can be used for full profits.

 

[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 business because it helps you to keep financial records and CDs will not be able to run at loss in your business.

 

[BrolySSJ]

Accounting in business as the name suggests enables the business owner or employee to be accountable for the business resources. It gives a great plan and direction on how the resources can be used for full profits.

I definitely agree with you and also it provides people with a very good indication of how the business is being run and it is necessary for legal implications as well as many ordered companies require accounting documentation for any company.

 

[Ralphjoe]

That's an excellent advise eight there which I concur with but we can't be hack of all trades and know 50% of everything in an organization which means we'll just have to trust.

Account is very important in business because it is what we do if your business is doing well or not and then it will show the financial health of your business and how much the business has been able to make so far.

 

[Kelly5]

You will need an accountant in your business if you will ever want to move forward. Your business needs a lot of scrutiny to measure it's progress rate and accounting is what it will take for you to know all that about your business growth rate or progress

 

[Grandeur]

Lolz , Trust ? it is not the best for you to trust people nowadays to a point of handling every responsibilities of a business organisation to the person without monitoring what is going on.

Trust doesn't mean foolishness, it would be foolishness to put something or someone in charge of something and abandon the person of course you have to monitor but trust in the sense that giving the person freedom to execute his plans that you would monitor

 

[Sotherefore]

Trust doesn't mean foolishness, it would be foolishness to put something or someone in charge of something and abandon the person of course you have to monitor but trust in the sense that giving the person freedom to execute his plans that you would monitor

Most times ,I guess it is not advisable for you to trust strangers in your business to the point of giving out every responsibilities, this should only happen to a trusted friend or family member.

 

[Solutionav]

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

The important of accounting cannot be over emphasised, because there is no business that grows without proper accounting it reveal your gain and lost

 

[Hena101]

Accounting is very important in business because that's the only way you will know if you're making progress in the business or not and this will help you to know what to do.