Business Information System and Accounting -Information Products and It Services: The Importance of Accounting in Modern Organizations

Abstract

Nowadays organizations have a separate department called accounts where all the business transactions are recorded. Here today we take money selling goods not the goods again in return that’s the only difference. In the olden days there was no need of record keeping which is of the modern era practice. So, no burden on the organization in the olden days to keep a track of transactions since money was not involved, In days world each and every business needs to have accounts professional so to make business statements which is compulsory to know the organization financial position whether it is running in profit or loss. Historical perspective of financial accounting financial performance of an entity to obtain a recent estimate, company cautiously scrutinizes monetary secretarial information.