Accounting is important in the running of a business as it helps to track the expenditures and income of the organization. It also helps to provide investors, stakeholders, management, and government with quantitative financial information which can be used in making business decisions.
The financial records show how well the organization is running as well as the financial position of the business. It helps to keep a track of expenses and possible debt and will help to compare the current year data with that of the previous accounting records and allocate budgets accordingly.
Proper accounting systems and processes will help to ensure statutory compliance. Well-maintained accounting records will ensure that VAT payable is appropriately addressed.
Budgets and forecasts decide the future and growth of the business, and the financial records will play a crucial role in preparing the same.
Business trends and forecasts are prepared based on historical data. This financial data is relevant only when provided by efficient and effective accounting procedures.
MIS stands for Management Information systems. It is a collaborative report on people, organizations, technology, and relationships among people and organizations affecting the company.
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