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  • Writer's pictureDaniel Levy

What is accounting and why is it important?

Updated: Mar 14, 2023

Accounting is the system of recording and summarizing business transactions and analyzing, verifying, and reporting the results.


Accounting plays an important role in running a business because it helps you track income and expenditures, ensure statutory compliance (which is basically the correct reporting of tax), and provide owners with financial information which can be used in making business decisions.




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