Anyone who has worked in an office, at one time or another had to go to accounting. These are the people who pay and send the bills that keep the business running . They do more than that, however . Sometimes referred to as " counters " which also keep an eye on profits, costs and losses. Unless you are running your own business and acting as your own accountant, you have no way of knowing how profitable - or not - your business is without some form of accounting.
No matter what business you are in , even if all you do is balance a checkbook , that's still accounting. It is part of life, even a child. Saving an allowance , spending all at once - these are accounting principles.
What are some other businesses where accounting is critical ? Well , farmers need to follow careful accounting procedures. Many of them use their land per year to take loans to plant the crops. If this is a good year, a profitable business, they can repay your loan if you can not , unless you need to make the loan and earn more interest.
Every company and every individual must have some kind of accounting system in their lives. Otherwise, the finances can get away from them , they know not what they've spent , or whether they can expect a profit or a loss of business . Staying on top of accounting, whether for a business of several billion dollars, or a personal chequing account is a necessary activity on a daily basis if you're smart . This can mean anything from a bounced check or posting a loss to a company's shareholders . Both scenarios can be equally devastating.
Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or a statement of income.
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