THE ROLE OF ACCOUNTING IN BUSINESS AND ITS PROFOUND IMPORTANCE

THE ROLE OF ACCOUNTING IN BUSINESS AND ITS PROFOUND IMPORTANCE?

Accounting is a term routinely used in every business no matter how big or small.? In fact, it is used even on a personal level as we very well know.?

On a business level, accounting may be considered as a structured and detailed recording of financial transactions of a business.?

Accounting plays an important part in the running and the management of a business since it helps track income and expenses, ensure statutory compliance while providing stakeholders & shareholders with qualitative and quantitative financial information to help make informed business decisions.? Accounting forms the backbone of a valued business!?

?There are 3 important financial statements generated through accounting:?

?#1 The Income Statement – this provides information about the company’s performance in terms of the profit/Loss or in terms of a comparison with budgeted values.?

?#2 The Balance Sheet – this gives a clear picture on the financial position of the business on a specific date.?

?#3 The Cash Flow Statement – this is a bridge between the income statement and the balance sheet and reports the cash generated and spent during a specific timeline.?

It is important and necessary for every business to keep its financial records clean and up to date while managing a business competently.?

At DataPrime Solutions, this is precisely what we do efficiently.? Trust us to manage this function of your business.? That way, you will have time to attend to primarily growing the business and also other important matters that may need your immediate or constant attention.?

Connect with [email protected] or call on +971 52 521 0 821 and to learn more please visit??www.dataprimesolutions.com