Basic accounting is one of the key functions in almost all types of business. It is typically performed by an accountant or a bookkeeper at a small company, or by large finance departments with dozens of employees at larger companies. The reports that various streams of accounting generate, such as managerial accounting and cost accounting, are crucial in helping a company's management make informed business decisions.
Without accounting, it would be impossible to determine which products were successful, which business decisions were effective and whether the company is generating revenue or making a profit. It would also be impossible to determine how much taxes to pay, whether to buy or lease a property or whether to merge with another company. In other words, accounting is not just about recording financial transactions, it measures a company's success at achieving its goals and helps shareholders understand how efficiently their money is being used. This is why businesses must be proficient in accounting in order to make good decisions.