What is Accounting

What is Accounting and Why is it Important in Business?

What is Accounting
Via Kelly Sikkema / Unsplash

Why is accounting required? What is its importance? Is accounting a must to keep track of the financial status and activities of the company?

With people starting to trade, accounting emerged. The concept of accounting, which emerged with the aim of organizing commercial relations, is related to trade. Accounting forms the basis of commercial relations, and factual concepts such as making money and investing. After the concept of accounting has emerged, we have to bring a certain order to our economic activities and business life. Everyone needs an accounting system to organize and track economic activities.

Accounting; it is a regular system required to collect, record and compile information about the financial status, liabilities and financial transactions of the enterprise. Briefly, accounting is a system that reports the activities of the business. Thus, the data of the transactions are compiled, compiled and maintained.


The Benefits of Accounting

Accounting is important to measure the financial situation of the company and make certain predictions of its development. Determination of measurement and evaluation data provides the company’s financial order, development and renewal. It helps to earn income and to generate income. It ensures that payments are made. It determines the income-expense table of the company and enables the development of the company. With the determination of the company’s assets, liabilities and income tracking systems, you get an idea of ​​the business situation. With a correct and organized accounting system, you can analyze your company’s financial data and help it grow more and earn money.

Accounting helps you know which financial position your company is in terms of income and expenses, how you will behave, maintain this level and help your company grow more. It also allows you to find borrowers, current debts, payments and potential investors, organize the company’s budget, and also get all the necessary data for tax calculations.


Who Keeps Accounting Records in Your Company?

Having experienced accountants or auditors carrying out your company’s transactions is as important as accounting science itself. An inexperienced accountant may come up with a tax amount much more than you need to pay. This may affect the financial status of your company and even drive you into bankruptcy. At this point, it is very important to entrust your accounting to experts.

Our expert team consists of experienced account specialists in many sectors such as construction, trade, property management, renewable energy, forestry, production, timber, ship management, retail and wholesale trade. Using new technological solutions, we offer operational and qualitative solutions to our customers through a remote operation system. We provide special services to every customer. Responsibility, accuracy and confidentiality are the most important vision of our company management approach.


Establishing a Company in Latvia is Only 1 Day!

Although establishing a company seems like a difficult process, you can enjoy your new business life with the support we give you. In this way, you can establish your company and join among the trusted brands in a short time. You can get support for the establishment of your company. We also save you from the boring part of company procedures with the professional accounting support we offer. So you focus only on your company. If you want to get professional accounting support from our company, you can call us.


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+371 29712942 (Whatsapp, Telegram, Viber, Signal)

In addition to these services provided by our company, which offers reliable and fast solutions, we also offer accounting support. To establish or grow your company, you have to get accounting support. Getting this service from a reliable company will make you successful. Call us for information about our accounting services. We are happy to answer your questions, comments and suggestions. We are always ready to support you!

You Can Reach Us Quickly From Our Contact Addresses For Your Accounting and All Other Company Needs.

Igors Krumins

Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.