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    AccountingAccounting and finance lie at the heart of business. If marketing and human recourse are heart of business, finance is the heart beat of a business. It is possible to survive, for a while at least, without an effective marketing plan, poor human resource management and indeed a poorly designed business strategy but without a well organized financial system, business can’t sustain.

    Well-organized financial records ensure the success of the business. Accounting is a financial management tool that records, classifies and summarizes the activities of a business and interprets the financial information. It communicates the results of business operations to various parties/stakeholders who have some stake in the business viz., the proprietor, creditors, investors, Government and other agencies.

    On one hand financial statements prepared from the accounting information helps the owner of the business to know the profitability and access the financial performance of the business and on the other side it helps investors to evaluate the past performance and future prospects of the organisation.

     

    Therefore, in order for business to be successful, the accounting of financial records needs to be accurate.

    The author: Dr.Renu Choudhary

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