Why Accounting is Must for The Success of a Business?


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Accounting is very important for the success of a business house as it keeps exact, accurate and up-to-date record of each and every business transaction. It is correct to say that accounting is work like a backbone in the business. In earlier times, recording of transaction was very rare but now days it become necessary activity of the business world. It is also necessary to maintain accounts as law make it compulsory. So, every business house whether small or big needs to maintain accounts by law compulsion for the profit and loss for each and every successive year.

Maintenance of accounts is also important for a business house as it plays very important and prominent role in the calculation of taxes and assumptionsand also to provide with necessary information to tax authority. Therefore, it is very important to have accounting practices before the commencement of any kind of business. These days accounting is not limited to recording of transaction only in-fact it provides significant information on the financial health of the business.

Today, it is very rare but still many small business houses give more attention towards the working and enhancing the arena of its working and generally avoid keeping proper record and analysis of business transaction. But if they want to flourish their business in a smooth and desirable way then they must have to give proper attention towards the maintenance of accounting. Contact BookMyEssay if you need all accouting concept assignmet help.

What are The Ways by Which Business Houses Can Keep Records of Their Transaction?

As accounting become the necessity of the business world, its demand and importance is also increasing day by day. The three important kinds of record keeping which are prevailing currently are: -


This system of accounting is very easy and manageable as these are the kind of books where anyone can record transaction without much efforts and knowledge. These are used to keep records of payroll payments, sale receipts etc.

Subsidiary Ledgers

These are the books which are used for analysis purposes that are usually much descriptive than journals as it contains records in greater details. The arena where it used to be accounts receivable, accounts payable, payroll data etc.

General Ledgers

This is the final books of accounting which are maintained and analysed by experienced and trained accountant. Its maintenance started with the commencement of business to its closure. It is updated on monthly basis with the totals of subsidiary ledgers etc.

Who can Provide Students with Best and Accurate Accounting Assignment Help?

BookMyEssay is the best leading online site of accounting assignment help as its associated team of accounting experts is highly educated and experienced. Those students who want to score high and want to maintain a ranking in the class, must contact to BookMyEssay as its assignment help services are very unique, original and globally approached.
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