Need of accountancy

Answer 1

Proper accounting practices will help a person know how well a business is going. By keeping attention to all the financial details one can, and even hiring an outside accounting firm will provide a back-up to your own understanding of the accounting progress of your company. Profits and losses will appear sooner by practicing good accounting methods. Waste will also be discovered.

Answer 2

Accounting is needed so that companies can know what their assets and liabilities are. It is also helpful to make sure your bills get paid, as well as taxes.