Accounting

What are the uses of accounting?

    John
    Posted 1 year ago

    The main use for accounts is to find out how much money you have and determine your profit or loss. Once you have this info you can take action to improve the situation. As a result it is important to update them at least monthly and more often if possible. A good example is a building project where the costs can easily spiral out of control if not monitored every day. They are also used as a basis for borrowing money, valuing a business or paying tax. If produced in good time before the end of the tax year it may be possible to reduce or negate the tax payable.

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