Accounting refers to keeping a complete and comprehensive record of all the income and expenses and extracting financial information from the business transactions. This is a necessary aspect that helps a business track, manage and organize its money efficiently. Accounting isn't just about balancing the books and crunching numbers but it's a whole world of financial expertise like:

·      Making sense of profits and losses

·      Keeping tabs on the cash flow

·      Staying on top of tax payments and schemes

·      Planning for the future with budgets and forecasts

·      Keeping an eye on how the business is doing and future directions

How does accounting help a small business?
here are a few ways in which an accountant helps a small business build and grow their business and market

·      An accountant helps a business owner obtain appropriate licenses, sales tax permits and employment accounts

·      Deal with compliance and complex sales tax issues

·      Handle complex labour costs including wage and labour compliance issues that can sink even the most profitable businesses.

·      Help meet the requirements for creditors or licensing agencies

·      Maintain inventory records

Who maintains the accounting?

Depending on the size of the business and the budget available or allotted the workforce for accounting may vary. For smaller operations, businesses might just need one person to keep running smoothly. As the businessgrows, they might bring in some extra help, like a bookkeeper or accountant, to ease operations and responsibilities.