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If you are a large company then in most cases you will have a qualified accountant on site as an employee. This person is tasked with communicating financial matters to the management team in a manner that makes it easy to decide on actions.
If you are a small company and use an accountancy company to deal with the "books" you will need to understand cash flow processes, profit and loss accounts and the basics of money in and out. If your the person running that business without these basic skills then you are unable to correctly make decisions that will influence the running of the business . This in turn will most certainly see the business go under.
What else can I help you with?
What are the various limitations of business accounting data?
I would like to know what the limitations of business and accounting data is? I would like to know Accounting as a language of business suffers from which serious limitations?
Is accounting useful for business?
yes. if you own your own business you will have to pay any employes that you have. If you know accounting you will be able to learn how to do payroll as well
Why does my Small Business need an Accounting Service?
You could do this yourself if the business is small. However, doing it takes up your time and diverts your energy way form the business itself. Frequently people get behind or muddled with their accounts! You need good, ongoing accounting information to know how your business is doing (you could be making a loss without knowing it!) and so that, at the end of the year, you can make a tax return and pay any taxes you owe. Your accounting service will help you do all this.
Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
Frank wood business accounting 1 question 36.4A tenth edition?
Hey, i need to know the answer for question 36.4A in frank wood's business accounting 1. thanks
How do you maintain accounting in running business by a new accountant?
i dont know please give me answer
What is the features of accounting software?
As we know that the accounting is the head of every business, it has the following featuresEase of maintaining the books of accountingSpeed of data retrivingMore accurecySecurity reasons
Why do entrepreneur need accounting information?
Entrepreneurs need to have accounting and financial information to determine the feasibility of their business. It is also important to know if what you are doing is profitable .
Why you prepare profit and loss account?
as simple as that to know the net profit or loss from business in an accounting period. for more about financial accounting visit indianaccounting.blogspot.com
What is the Importance of accounting informationfor a business entity?
accounting information allows a business entity to be able to ascertain its total income and its total expenditure and to be able to know if it is making a profit or loss as the prior motive of any organization or business entity is to maximize profit
Why direct and indirect users of accounting interested in the data?
to know the business performance. to consider whether to invest or not
Benefits of responsibility accounting?
The main benefit of responsible accounting is that you will know exactly how your money came in and where it went. It is very important to keep accurate books when you are running a business.
