How does Accounting Affect the Stability of a Business?
An organization must account for every penny that comes in and goes out if it is to maintain steady expansion and long-term viability. Accounting is critical to the stability of any business because it facilitates the gathering and analysis of quantitative financial data; accurate recording of financial transactions, verification of legal requirements, and the distribution of useful financial data that can be used by investors, managers, and regulators to assess a company's financial health and guide strategic decision-making. Without accurate accounting and bookkeeping, a company faces the danger of mishandling its funds and ultimately failing. ...Read More