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Financial Management and Accounting-Importance in a business
Importance of financial accounting
The ownership and management of the business are challenging, and keeping track of finances is one of the most prominent examples of those challenges. The specialized field that handles accounting for a business is called financial accounting and provides individuals who are externally linked to that business with information on a company´s financial performance and position. This information is typically given to share or stockholders who want to piece together a value for that company based upon the information they have obtained.
It organizes the transactions of a company by writing down those transactions and creating a financial statement or financial report that summarizes the data in a balance sheet or income statement. These statements are then used by individuals externally to determine the value of a company. If the company is publicly traded, these financial statements will circulate wider, to customers, competitors, and employees as well.
Management is given the task of spending business funds to help the business run economically and efficiently. Financial accounting statements can be used to assess management effectiveness by showing the spending of allotted resources and helping to evaluate whether management should be sent to work in another department or replaced altogether to increase the profitability of the company.
It’s important to note that it provides information to individuals who are trying to determine what a company´s worth it and it does not report that value on its own. These statements are provided to individuals who are external to a company and can circulate broadly, even reaching competitors of that company and other sources.
At QuickLoan Pte Ltd, we provide a range of loan types to bring you fast and simple loan application. Whether it’s to support your education, medical or traveling funds, our loans can finance any lifestyle and life stage.
To reach us:
Phone: 6223 1788
Office: International Plaza 10 Anson Road, #01-15 Tanjong Pagar, Singapore 079903