15 Mar 2020
In the world of business, it is very common for us to hear that accounting plays a vital role as this gives the stakeholders a gauge of how well a company is performing. Given this, do we really know the how important accounting contributes to the business?
Before we jump into the significance of accounting in the world of business, let us first tackle the basics – what is accounting?
The American Institute of Certified Public Accountants (AICPA) defines accounting as: "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof." In layman’s term, it can be said that accounting is a regular maintenance of financial records and understanding what it is trying to say about the business.
Accounting is often referred as the language of business as it really says a lot about your business.
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