Accounting refers to the process or work of maintaining financial records. Accounting is the systematic recording, reporting and analysis of financial transactions (transactions), of an individual, business or organization. It allows businesses to evaluate their financial performance.
Accounting also allows businesses to analyze their results in terms of profits, losses productivity, sales trends and costs.
Accounting is an information science that we use to collect, classify and manipulate financial data. Accountancy is not only for companies but also individuals, charities and many other entities.
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It's a key component in companies and other organizations that determine financial stability.
An invaluable asset for a company is a competent business accountant. They bring a curious mind to their work, based on their financial knowledge. Professional accountants in business use their expertise and deep understanding of the company and its environment to ask difficult questions.
Without addressing the public duty, it is impossible to describe the many roles of professional accountants in business. The accountancy profession, which has been given a special position in society is able to deal with many issues of public interest. Professional accountants in business must not only maintain high standards, but they also play a crucial role in helping organizations act ethically.
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Accountants are often faced with conflicts between the core values of their profession and the demands in the real world. This is the essence of being professional. It's not about having a job or performing a task. Professionals must exercise professional judgement in their work so that they don't take actions that could lead to the profession losing its reputation as protectors and guardians of the public interest.
Globally, professional accounting bodies have the important task of representing, promoting, and enhancing the global accounting profession. The national professional accounting body represents all accountants in practice and business at the national level. The society must see both business and practice professional accountants as having different roles. This will help to improve the overall status of the accounting profession.
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Professional accountants face increasing pressure, just like other professions to prove their value in capital markets and to adapt to new challenges. The public has high expectations. Professional accountants' value will be determined by how accountable they are to their organizations and the public.
Business professionals are an integral part of organizations that help to create and sustain growth and value. It is essential that they are able to keep fulfilling these roles even in the face constant environmental changes. Business professionals are the leaders in providing reliable financial information and quality financial reporting.
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