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WHY IS ACCOUNTING IMPORTANT

Accounting is considered to be the spine of all business activities in the world. If it didn’t exist, the chances are high that most firms and entities could be chaotic. No accounting means no rules, no monitoring of activities. Therefore, why is accounting important?

You will learn more about its importance later in this article and please do not hesitate to contact us for any college accounting homework help or further clarity on the subject.

Importance of Accounting in Discovery and prevention of fraud

With the help of accounting, it helps in detecting cases of fraud. They can only be discovered in an environment where there is reasonable internal control in place. Accounting helps out in keeping track of records thanks to the accounting system. It traces all the events expertly and in an efficient manner.

Accounting is Good in keeping records

It plays a central role in record keeping. The subject matter is responsible for collecting financial information from various sources. This information can be accessed for future references in business entities.

With the accessibility of the records, you can plan for activities in the firm as a result of the valuable info collected through the forms of accounting.

Accounting in Preparation of the budget

For any business to be successful, there must be a budget. This helps in planning, formulating strategies for the company, saving money, and identifying the overspent amount in the budget.

To prepare a budget, you need to have access to previous financial records which indicate the expenditure and income revenue. Also to note, the retrieving of the files requires a well-maintained system like accounting.

Decision-making process

The subject is imperative in making decisions in a business or institution. The financial statement contains the financial data showing the organization's health, that is how long they will stay in business.

Executives can use this information to make sound decisions, hence elevating the entity to achieve its set objectives. They can also help out in identifying potential measures that can facilitate the optimization of performance and improve the firm's records.

Vital information to potential investors

Accountants help firms to prepare their financial statements. The financial records provide useful information regarding the organization. With these documents available, investors can monitor the progress of the institution and identify if it is good for business.

Good financial records with superb performance attract many investors. Therefore, an organization that lacks financial records or records poor performance in the books is likely to scare away investors.

Banks and Financial Institutions

For one to access a loan from a financial institution, you must submit your financial status in an acceptable order. Thus you need to have a proper accounting system to present documents such as assets and liability records, profits recorded among others.

The banks and other institutions offering loans will use these documents to scrutinize and validate whether you qualify for the loan. In this case, the records will determine if you are capable of paying the expected loan or mortgage, and the loan limit they will be able to offer.

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