Accounting functions. How important is it in making decision, meeting stakeholders, and societal needs and expectations.

Accounting functions include the systematic tracking, storing, recording, analyzing, summarizing, and reporting of a company's financial activities. The accounting department functions allow the organization to keep a fiscal history that may be accessed for audits. They can also utilize it to build budgets, reduce costs, enhance profits, capitalize on growth opportunities, estimate future expenditure requirements, and make financial projections. (Indeed Career Guide, n.d.)

(Nigam, 2020)

Management accounting: Manages the company's performance and identifies opportunities to improve the entity’s financial health. (Nigam, 2020)
Financial accounting: Accounting transactions are used and turned into consolidated financial statements. (Nigam, 2020)
Internal accounting: To uncover fraud and weaknesses in management and teams, internal accounting analyzes and examines the controls and processes in place within the organization. (Nigam, 2020)
Taxation accounting: Taxation accounting makes sure that taxes are paid on time. This system also makes tax planning easier. (Nigam, 2020)
Cost accounting: Cost accounting helps organizations define the amount and types of costs they incur. (Nigam, 2020)

2. Conclusion

Accounting tasks are critical to corporate administration. It aids in the maintenance of accurate records. Accounting functions facilitate the tactful record-keeping of the organization's resources, assuring organizational compliance. Companies can make informed decisions by utilizing accounting functions. For example, depending on accounting functions, the corporation assesses whether the business has enough money to fund its own enterprise or if it requires funding to pay for it. Furthermore, stakeholders will be able to comprehend how the company uses its assets to develop products or services.
That's all for today. I hope you have a great time learning about accounting functions and understanding how accounting functions inform decision-making and meet stakeholder and societal needs and expectations. <3

Reference:

Indeed Career Guide. (n.d.). What Are the Functions of Accounting? (Definition and Types). [online] Available at: https://in.indeed.com/career-advice/career-development/functions-of-accounting.
‌Nigam, R. (2020). Accounting Functions (Definition, Types)| Complete List. [online] WallStreetMojo. Available at: https://www.wallstreetmojo.com/accounting-functions/.

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An accounting story.