There are many benefits of having accounts as a department in the company or the business that you work in, the main reason is that when there is this department in the company, there are fairly very less chances of that business ever screwing up or getting through a disastrous period as well. When there are people in the company that understand what financial accounting an integrated approach is and they try their best to have all the financial accounting that they have learnt in school, college and universities to be implemented in the place that they work in, their companies have seen to be more flourishing and happier than those businesses that are not very aware of any of the benefits that the accounting department might bring to the company and the business’ future as well in the upcoming years then.
The benefits of having the accounting department as one of the most precious ones is that should be given more priority than they are actually given and that is because these departments would help the company flourish and make more and more profits by having their expenses cut down and their revenues increased based on their behavior under different conditions and situations as well. As we all are aware of the fact that accounting is basically the recording of all the financial transactions that happen in the company or the business, be it the expenses, the profits or any losses that the company might incur in the regular basis as well. As for the limitations of the human mind, it does not retain all that is stored in it or maybe we can say that a human mind is not capable of remembering everything that is told to him and that is why accounts are important so that there are financial proofs to whatever the company has been doing for the past months as well, in the form of income statements and balance sheets as well then.
These accounts, or we can say these financial accounts help the company in setting up the price of their products equal to what should be paid for them to have their expenses cut down and their revenue increased, this is done so that the company can go toward the betterment and get what it wants in the terms of goals and aims as well then. This book, that is the accounting an introduction to principles and practice 8th edition and practice lets people know all about accounting and has a lot of questions that they ask in the book for the reader to answer so that they might get better at the question solving.