1. It is the best way to review your businesses performance and get useful advice on what direction to go in.
  2. Fundamentally, accounting is used to maintain a systematic and complete record of all transactions that a business makes during its day to day activities.
  3. Performance of business is key, without accounting it would become very difficult to determine how well your business is doing quantitatively.
  4. Accounting allows for businesses to also review their financial position and view the cumulative profit or loss of the business as well as their assets and liabilities.
  5. A big part of running a business is planning for the future. Accountancy allows for planning to be based on true figures and facts leading to more precise and successful plans.
  6. 6. Accounting is a legal requirement for any business, therefore this a defining reason for needing an accountant.
  7. When financing, it is key your business is able to provide financial history for example when applying for a loan. Without this, it would be difficult to prove your history.
  8. Decision making would not be possible without a true understanding of your business and the financial position of your business.