FAQs

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analysing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.

Accounting plays a key role in running a business because:

• It helps you track income and expenditures
• Ensure statutory compliance
• Provide investors, management, and government with quantitative financial information which can be used in making business decisions.