Understanding Accounting and Its Significance Accounting is a crucial component of every successful business. It’s the process of recording all of the company’s financial transactions over a specific period. It involves summarizing, analyzing, and reporting these transactions to regulators, oversight agencies, and tax collection entities. As part of the broader scheme of economics, accounting provides …

An accountant is a professional who performs accounting functions such as audits or financial statement analysis. Accountants can either work in-house for a company, or they can work independently providing services to various clients. In the course of performing these functions, they apply their specialized skills and knowledge of finance and business systems. However, the …