Account recording is very important to every business, this how you know whether the business is growing or not, it all about know the amount of money you spend on experience and the amount of profit you make daily or monthly basis.
Why is accounting important in business
- Thread starter Lawal
- Start date
Accounting is important in business because, if you want to start a business you must make account on how much you bought the goods ,how much you will sell it and how much you will gain or loose
without accounting how will you be able to know if you are making profit or loss how will you be able to know the amount of goods that is sold each day and how will you be able to know if the sell is reduce or the sell has increase to increase production or reduce production?
without accounting how will you be able to know if you are making profit or loss how will you be able to know the amount of goods that is sold each day and how will you be able to know if the sell is reduce or the sell has increase to increase production or reduce production?
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without accounting how will you be able to know if you are making profit or loss how will you be able to know the amount of goods that is sold each day and how will you be able to know if the sell is reduce or the sell has increase to increase production or reduce production?
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The goal of every business is to make profit and accounting help you manage your business to ensure you remain and dine on the profit making table. So yes it is very important and can't be thrown away.
In a company where they always complain about missing funds and embezzlement, one common thing there is that they don't have a proper accounting system and record. So, anyone who's in the position to access the company's funds can easily steal to his satisfaction and go free.
Accounting is important for small business owners as it helps the owners, managers, investors and other stakeholders in the business. Accounting prevents the misuse of assets, increases production and profit, controls costs and helps increase the efficiency of the overall. It is also very extremely important for recording the financial transactions in a business.
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It is very important to make accounting journals in the business , to business entity seperate and distinct from the business owner.
Without it , the business may lose its potential and power to stand in the market.
Every business one way or the other includes in flow of money and this can either be through credit or debit form. To calculate and ascertain that the business has a balanced flow of cash Accounting is needed. Internal audit of the company’s funds must be done daily, monthly and yearly to know if there is progress in the company’s account all these are the functions of Accounting in the business.
In the business world, accounting involve given account of the business transaction as such it is very important concepts. It help will taking me over a loss or gain of business is so it's will taking me over a loss or gain of any business.
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ccounting 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.
Accounting must be given prime importance in any business entity as it is most required, especially for controlling and for providing financial reports at the end of the year. Accounting will help a Startup to determine its productivity and its profit from the initial stages of the company. This provides entrepreneurs a method for maintaining accounting information.
When I was younger growing up and used to manage my mother's business for her. I never really understood the importance of accounting and record keep till one of our customers wanted to lie about paying the debt she owed us. It was when my mother brought out her records and she was shocked and paid the money.
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accounting is very important in any business organisation because it is true account in that they will know whether your business is growing or is coming down and true accounting you will know the demands and supply off your company, it has a lot of advantage more than any other thing.
Accounting is important in business because it helps you to count your financial gains and let you know where you stand with your net worth. No business can survive without calculating how much spent as expenses, things like Profit and Loss account are necessary.
Apart from losing or winning. Accounting in any business is a very crucial thing, it shows how responsible and accountable the progress oof the business is.
Don't give up on your quest, keep fighting till you succeed! You will get there!!!
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accounting assumes an imperative part in maintaining a business since it causes you track pay and uses, guarantee legal consistence, and give financial backers, the executives, and government with quantitative monetary data which can be utilized in settling on business choices
As for me without accounting I believe the business you running or company doesn't exist because you won't know weather you lossing or gaining and tell me how you will know the problem of the company and next agenda without record of accounting
Accounting or financial accounting deals with the recording, organizing and keeping of financial day to day record which include debit and credit transactions in order monitor the profit or loss of the business so as to avoid risks associated with finance that can affect the business.
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Accounting is a book where you write the day to day sells in your business. It is so important in a business cause it will help you know if your business is growing or not. It will help you know your gain and your lost
Accounting is very vital in your business world and world at large. Without accounting your sales how will you be able to know the profit and the loss and where you need to worked on in other to achieve that again.
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