Accounting makes a business run smoother. It is the most efficient way of running a business and without which a business house will just be a center of chaos. Accounting enables the authority to keep its workers records, record it financial advancement, the incoming and outgoing of the business, the remunerations of its workers- most importantly it records the financial position of the business house.
This knowledge becomes very important because based on the financial status of a firm, the authority decides its future plans and policies. Accounting also keeps the businessman updated about the latest trends and policies in the market. It is with this knowledge that the particular firm makes flexible changes to cope up more efficiently.
