Accounting plays a vital role in business, allowing your business to save money, increase profits, and identify where budget cuts must be made and where resources need to be added. Although it may seem simple, tracking every penny of income, expenses, taxes, and vendor payments is difficult and time-consuming. Mistakes are easy to make, and you can lose tons of money if you don’t pay attention to them. Moreover, repeated blunders and bad accounting practices can lead your business to insolvency.

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What is Accounting? Accounting is the process of gathering and analyzing data about a company’s financial activities. Accountants compute income, liabilities, owner’s equity, assets, and cash flow by analyzing company activities. As an accountant, you should be familiar with the fundamental concepts and principles of financial management. Take an accounting course, acquire an accounting book,