No business can be run successfully without proper accounting. Accounting gives management information regarding the financial position of the business, such as; profit and loss, cost and earnings, liabilities and assets, etc. helping to evaluate the profitability, take decisions and plan the business.
it is very important to keep the financial records clean and up to date for smooth and efficient running of business. Proper accounting also helps in statutory compliances such as accurate filing of returns, appropriate discharge of tax liabilities etc.