As it goes in the words of Elvis Presley, “I don't have any use for bodyguards, but I do have a specific use for two highly trained certified public accountants.”
Accounting is such an important aspect to any business. Accountants are responsible for providing information that is used to determine the present and future economic stability of the organization. It has been proven that companies that use good accounting practices have a competitive advantage over their opponents. Also they have the ability to improve their decision making abilities. Those that do not use these practices face an inability to compete in the market and make their decisions simply on a hunch.
Accounting is the basis and of a great assistance to management for planning, controlling and the decision making process. It is with the help of accounting information that the performance of an entity can be appraised. At the same time, its methodical records make possible to eliminate the frauds and the thefts. Furthermore, being concerned primarily with the creation of financial information for its users, accounting provides useful information for ascertaining the effectiveness and efficiency of a business. Hence, accounting is must for every business.
There is no replacement of sincere and talented accountants, nor of their capabilities, nor of their diligence because their services offered in keeping track of every single one economic event while protecting entire business properties are so strong and efficient that the need of even highly paid bodyguards of businessmen is eclipsed. As it goes in the words of Elvis Presley, “I don't have any use for bodyguards, but I do have a specific use for two highly trained certified public accountants.”