Accounting is the formal record keeping of financial transactions for a business or organization based on the laws and regulations of each country.
Why is it important?
Accounting and bookkeeping provide valuable and useful information and insights on the financial performance and the financial health of a small business. Accounting and bookkeeping enable small businesses to manage and to control their financial resources and activities, and to make informed and strategic decisions. Accounting and bookkeeping support and enable small businesses to comply with the legal and the regulatory requirements, and to communicate and to report the financial performance and the financial health of a small business.
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