Accounting is the process of documenting a business's financial transactions. Summarising, assessing, and reporting these transactions to oversight organisations, regulatory bodies, and organisations in charge of tax collection are all part of the accounting process. A company's operations, financial condition, and cash flows are summarised in the financial statements used in accounting, which provide a succinct overview of financial events across an accounting period.
What are the advantages of Accounting?
Accounting is essential to running a business because it makes it easier to keep track of income and expenses, ensures legal compliance, and gives investors, management, and the government access to quantitative financial data that can be used to make decisions.
