The role of accounting in business and why its important.

The term accounting is very common, especially during tax season.

But before we dive into the importance of accounting in business, let’s cover the basics – what is accounting?Accounting refers to the systematic and detailed recording of financial transactions of a business.

There are many types, from accounting for small businesses, government, forensic, and management accounting, to accounting for corporations.

Why Is Accounting Important?

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.

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