When records of a particular organization are systematically and comprehensively documented then it is referred to as Accounting. It is the process of properly summarizing, analysing and also reporting all business transactions to tax office.
Accounting is a very important subject. It is for this reason that there are a number of students taking up this subject for higher studies. If you want, then you can take accounting case study questions and answers from a well- known company. This will certainly help you to create an edge over others.
Accounting helps management to get a clear understanding about the financial condition of their business. After auditing is done and final report published, the management is able to find out how they would increase the profit of their organization.
For every business transaction, accounting is extremely important. It helps in classifying, recording and also summarizing all important transactions in business. You are thus able to get a financial document that is properly analysed. These statements are referred to as trial balance, balance sheet etc.
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Advantages of accounting
Accounting helps in planning, controlling and also in decision making. It is through the methodical documents prepared in accounting that businesses are able to control frauds and thefts.
If there is accounting available in any business then it surely ignites the organization and helps it to run it efficiently. All business activities that are undertaken are thus run effectively and accurately.
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This, therefore leads to increase in production because it is accounting that helps management to take the right decision. This also helps in improving transaction flow in business.
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There are a number of advantages of accounting and if you know more about these benefits then you can go through the points that are mentioned below:
- Accounting helps in planning the budget in business
Budgeting is very important in all businesses. It is by properly planning the budget that you will be able to make proper strategies in business. Budgeting also helps in controlling the expenditure in business and also helps in saving a lot of money.
In order to make a proper budget it is important that you take the previous records into account. So it is also important that these previous records are properly maintained. It is these details that are considered to be the basis of budgeting and business planning.
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- Accounting is very much important for banks and also the money lenders
If you are in need of any kind of loans then it is important for you to present the financial statements of your organization. Again if you want to prepare a proper financial statement then you need to have a proper accounting team in place.
You will thus be able to get proper book of records, liabilities, assets as well as the profits of the organization. Financial institutions will first check all these documents and only then they will help you to get a loan from their company.
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- Accounting is also necessary to keep records
It is important for each and every business to keep a proper record of all their financial dealings and then work based on those records. Accounting has a very important role to play and helps in keeping records.
Records are first collected, then organized and are then interpreted in order to communicate it to the users. Thus they help organizations to take decisions that are economically viable. This will further lead to increase in productivity in business.
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- Accounting helps an organization to take the correct decisions
All important decisions in business are taken after checking the financial statements of organizations. Proper accounting will help you to take sound decisions regarding your business. Without these financial statements, organizations have to operate in complete blindness and so they will never be able to reach their objectives.
- Investors get to know about a particular business through accounting
Accounts and financial statements represent a business to debtors,creditors, investors and stake holders. If accounting is not proper then there will be a number of investors who would not at all be interested in doing any kind of business with your organization. If you refer to accounting case studies PDF it will certainly be helpful for you and it will help you to understand the subject better.
- Accounting reports profits of an organization
The most important objective of all businesses is to make profits. So it is important for all organizations to maintain a proper accounting system. This will not only help organizations gauge their progress but will also help important parties to make the right decisions. This will thus help in improving the productivity in business.
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- Accounting helps in managing as well as monitoring the cash flow in a particular business
If you have a proper accounting system then they will take care of all kinds of cash requirements and will also take care of the working capital.
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