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Accounting refers to systematic record, report and analysis of financial transactions of business. In other words, accounting is a financial measurement of company that summarizes, analyzes and reports the company transactions.As a student of business, you have to study accounting module and if you need any help with your coursework’s, we would be happy to help you.
The main purpose of accounting for business and their stakeholders is to provide valuable financial information to make strategic decision for future activities. At the same time, accounting is helpful for developing systematic record of all of financial transactions and analyzing all financial information of the organization. Accounting enables to keep long-term, accurate and up-to-date record of organization for preparing strategies for business growth, and it is also helpful for monitoring activities to record and follow up all the transactions of the organization. At the same time, accounting provides financial situational information to owner for taking actions to solve any problem occurs in business. Accounting provides various types of information like, staff, stock, cash, bank balance etc. of business that is important for making management decision. All financial information is useful to measure the financial performance of business and to develop strategic decisions for business growth.If businesses not have any record of financial transaction and financial performance than it may create difficulties for managers to measure accurate result of business and to develop effective strategy for business survival and growth in global market due to lack of ability to know the lacking areas.
Accounting is more required to making decision for different of key users of business such as mangers, employees, shareholders, business partners, customers, loan providers, government etc. They require accounting information for the purpose of managing business operations, comparing compensation, making investment decisions, facilitating strategies etc respectively. If you get stuck with any of these aspects, our experts would be happy to help you.
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