There are many reason why accounting is important. Accounting is a language that needs to be understood by today's business owner. Finance and accounting is one of the most important parts of any organisation. How else does an organisation know if they’re making a profit, how much they have spent and how long they can continue in business?
Chartered accountants get to know organisations inside out and understand the challenges they face. Using their knowledge, skills and experience they guide people and organisations around the world to make the right financial and business decisions.
Accounting is important because:
- Accounting is often call the "language of business ", because it deals with the interpretation of a companies operations and finances. In light of recent financial trouble of major companies like General Motors and Chrysler it is a language we need a refresher course on.
- Acccounting is extremely important to any business because it is the guiding force to sound management decisions. Is your actual numbers for sales in line with your budget? A review of your budget would help you answer this question.
- Accounting is also important because it helps you move to the next level of your plan for your business. A good accounting system with the proper internal controls will help you avoid areas of fraud in your business. Is more than one signature required on checks written. The answer to this question should be spelled out in your internal controls.
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